Man Bags 4-Year Jail Term for Rejecting Naira, Accepting Only Dollars in Business Deal
A Nigerian businessman has been sentenced to four years in prison after being found guilty of refusing to accept the naira as legal tender in a transaction, instead demanding payment in U.S. dollars.
Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has sentenced Uzondu Precious Chimaobi to four years in prison for refusing to accept the Naira as legal tender. The verdict was delivered on Tuesday, April 15, 2025.
The ruling, delivered by a federal court, has sparked conversations online about the importance of upholding the naira and respecting Nigeria’s monetary laws.
According to reports, the man insisted on completing a major business deal solely in dollars, rejecting multiple attempts by the buyer to pay in naira. His actions were flagged as a direct violation of the Central Bank of Nigeria’s regulation, which states that the naira remains the only legal tender for transactions within the country.
