From Taiye Joseph, Ilorin
In a firm stance against the dollarisation of Nigeria’s economy, the Federal High Court in Ilorin has sentenced a Bureau De Change operator to six months’ imprisonment for refusing to accept the Naira and running an unlicensed foreign exchange business.
Muhammed Inuwa, 46, was convicted by Justice Abimbola Awogboro on Wednesday, January 21, 2026, after pleading guilty to two charges brought by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, Inuwa accepted US dollars instead of Naira for the purchase of a traditional Jallabiya and a wristwatch in July 2024, a violation of the Central Bank of Nigeria Act, 2007.
The commission also stated that he conducted BDC operations in Lokoja, Kogi State, between July and December 2024 without a valid licence, in breach of the Banks and Other Financial Institutions Act, 2020.
Related News
During the trial, prosecuting counsel Innocent Mbachie, called investigating officer Babatunde Olotu, to outline the circumstances of Inuwa’s arrest. “The defendant openly admitted to conducting illegal transactions in foreign currency and operating without a licence,” Mbachie told the court, urging for a conviction in line with the plea bargain signed on January 15, 2026.
Justice Awogboro ruled that Inuwa was guilty as charged and sentenced him to six months’ imprisonment on each count, to run concurrently. The court also granted an option of paying a fine of ₦250,000 on each charge.
Commenting on the case, the EFCC said, “This conviction sends a strong message that refusing the Naira and running unlicensed exchange businesses will not be tolerated. The fight against dollarisation continues.”
