Two women have been sentenced to one year in prison each by a Federal High Court in Lagos for illegally hawking large sums of Naira notes on the streets of Ikeja, sparking renewed attention on Nigeria’s ongoing fight against currency abuse.
Justice Yellim Bogoro, who delivered the judgement on Friday, May 2, 2025, at the Federal High Court in Ikoyi, found the two women, Folake Adeoti and Modupe Adewuyi, guilty of selling Central Bank of Nigeria (CBN) issued notes to members of the public without authorisation.
The court was told that both women were arrested on March 21, 2025, along Jobi Fele Way, near Regency Hall in the Ikeja area of Lagos. During their arrest, officials of the Economic and Financial Crimes Commission (EFCC) recovered ₦3.85 million from Adeoti and ₦1.6 million from Adewuyi — all in Naira denominations ranging from ₦500 to ₦1,000.
CBN Law Strict on Currency Hawking
The prosecution team from the EFCC Lagos Zonal Directorate 1, located on Awolowo Road in Ikoyi, charged each woman on a separate count, citing sections of the Central Bank of Nigeria Act (2007), which prohibits the sale or trading of currency notes outside banks or licensed financial institutions.
Specifically, Adeoti’s offence falls under Section 21(4) of the CBN Act, which makes it illegal to hawk or trade in the country’s legal tender. Adewuyi was charged under both Section 21(1) and 21(4) of the same Act, for selling ₦1.6 million in cash to customers on the roadside.
Both women pleaded guilty to the charges during their court appearance. The prosecution, led by counsel Z.B. Atiku, presented evidence including the confessional statements made by the defendants and the cash found with them at the time of their arrest.
Repeat Offender Faces Stiff Sentence
While urging the court to convict and sentence the two accused, Atiku informed Justice Bogoro that Folake Adeoti had previously been arrested and convicted for the same offence in another case presided over by Justice Ibrahim Kala.
Justice Bogoro, in his ruling, gave Adeoti a one-year prison sentence without the option of a fine, describing her as a repeat offender who had shown disregard for the law. In addition to the jail term, the court also ordered that the ₦3.85 million recovered from her, along with her Point of Sale (POS) machine, be permanently forfeited to the federal government.
Modupe Adewuyi was handed the same one-year sentence, but with the option of paying a fine of ₦500,000. Like Adeoti, her POS terminal and the ₦1.6 million in her possession were also ordered forfeited.
EFCC Wages War Against Currency Racketeering
The sentencing comes at a time when the EFCC has intensified efforts to clamp down on illegal currency trading, especially involving street vendors and POS operators who buy and sell cash for a fee.
This activity gained widespread attention in late 2022 and early 2023 during the CBN’s controversial currency redesign and cash swap policy, which led to severe cash shortages across the country. At the time, hawkers who had access to new notes charged desperate Nigerians outrageous fees to get cash, often selling ₦10,000 for as much as ₦14,000 or more.
Although the CBN later relaxed the policy and extended the circulation of old notes, the issue of currency abuse and illegal trading persisted, prompting several warnings from the apex bank and raids by law enforcement agencies.
Section 21 of the CBN Act is clear on the matter. It prohibits spraying, mutilating, writing on, stapling, or hawking the Naira, with violators facing fines, imprisonment, or both. The law aims to protect the integrity of Nigeria’s currency and prevent its abuse by unauthorised persons.
A Growing Trend in Lagos
Illegal hawking of the Naira has become increasingly common around party venues, markets, event centres, and busy roads in Lagos. Vendors often display bundles of notes in plain sight, offering cash to event guests or the general public — usually at a high markup.
The proliferation of POS machines has further made the business thrive, with vendors bypassing traditional banking systems to operate as informal money changers. This trend poses a threat to Nigeria’s financial system and encourages currency hoarding and inflation.
In recent years, the EFCC, in collaboration with the CBN, has carried out multiple sting operations in Lagos, Abuja, and other major cities to tackle the problem. Dozens of people have been arrested, and millions of Naira seized, yet the practice continues — especially during peak event seasons.
Public Reactions and the Way Forward
While the sentencing of Adeoti and Adewuyi has been seen by some as a positive move, others argue that the root causes of illegal currency trading must be addressed. They point to the failure of Nigeria’s cash distribution network and the weakness of law enforcement in curbing street-level financial crimes.
Speaking anonymously, a Lagos-based financial analyst said: “As long as people can’t get cash easily from banks and ATMs, they’ll continue to patronise these roadside vendors. We need to fix the system, not just punish the victims of its failure.”
Nevertheless, financial regulators insist that the integrity of the Naira must be upheld, and the only way to do so is to discourage illegal handling of the currency.
The Central Bank has also warned that any person caught selling Naira notes or damaging them in any form will be prosecuted in line with the law. Public education campaigns and posters in banks and government offices regularly highlight the dangers of currency abuse and the penalties attached.
A Message to Would-be Offenders
Justice Bogoro’s judgement sends a strong warning to others who may be engaged in similar illegal trading activities. With the EFCC now focusing more on financial crimes at the grassroots, more arrests and prosecutions are likely in the coming months.
For Adeoti and Adewuyi, the sentences mark a significant turn in their lives, and possibly the end of their street-level cash business — at least for now.
The forfeited funds are expected to be deposited into the federal government’s account, as part of the process for handling recovered proceeds of crime.
As Nigeria’s financial authorities continue to pursue reforms, the battle to clean up currency abuse remains ongoing, and the streets of Lagos may yet see more such arrests.
