A Nigerian businessman has been sentenced to 4 years in jail after being discovered responsible of refusing to just accept the naira as authorized tender in a transaction, as an alternative demanding fee in U.S. {dollars}.
Justice Alexander Owoeye of the Federal Excessive Court docket in Ikoyi, Lagos, has sentenced Uzondu Valuable Chimaobi to 4 years in jail for refusing to just accept the Naira as authorized tender. The decision was delivered on Tuesday, April 15, 2025.
The ruling, delivered by a federal court docket, has sparked conversations on-line in regards to the significance of upholding the naira and respecting Nigeria’s financial legal guidelines.
In response to reviews, the person insisted on finishing a serious enterprise deal solely in {dollars}, rejecting a number of makes an attempt by the client to pay in naira. His actions had been flagged as a direct violation of the Central Financial institution of Nigeria’s regulation, which states that the naira stays the one authorized tender for transactions throughout the nation.
