The Economic and Financial Crimes Commission (EFCC) has arraigned two women, Folake Adeoti and Modupe Adewuyi, for hawking Naira notes in Lagos State. They were arrested on March 21, 2025, during an EFCC sting operation at Jobi Fele Way, Ikeja, following credible intelligence about illicit currency trading activities in the area.
- Folake Adeoti was charged with hawking N3,850,000 in Naira notes, contrary to Section 21(4) of the Central Bank of Nigeria Act, 2007. She pleaded guilty and was ordered to be remanded in a correctional facility pending her sentencing on May 2, 2025.
- Modupe Adewuyi was charged with illegally trading N1.6 million in Naira notes. She also pleaded guilty and was remanded in a correctional centre, with her sentencing scheduled for May 2, 2025.
The EFCC has reiterated its commitment to enforcing the Central Bank of Nigeria (CBN) Act, warning individuals against the illegal trade or abuse of the national currency. Naira abuse, including spraying at parties or hawking mint notes, remains a punishable offense under Nigerian law.
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