A Nigerian man, Precious Uzondu, has been arraigned by the Economic and Financial Crimes Commission (EFCC) for allegedly refusing to accept the Naira as a legal tender. According to the EFCC, Uzondu accepted $5,700 as payment for a diamond bracelet instead of the Nigerian currency.
The EFCC charged Uzondu with violating Section 20 of the Central Bank of Nigeria Act, 2007, which requires businesses to accept the Naira as a legal tender. Uzondu pleaded not guilty to the charges and was granted bail in the sum of N5m with two sureties.
The case has sparked debate about the use of foreign currencies in Nigeria. While some argue that businesses should be free to accept whatever currency they choose, others believe that the Naira should be the primary currency used in the country.
Uzondu’s actions were seen as a violation of the law and the EFCC’s decision to arraign him reflects the government’s efforts to enforce the use of the Naira as a legal tender. The case is set to continue on April 8, 2025
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