Court sentences Bureau De Change operator in Kwara over refusal to accept Naira
A Kwara State court has sentenced a Bureau De Change (BDC) operator for refusing to conduct a transaction in naira, in violation of Nigeria’s legal tender regulations.
The operator was found guilty after being arraigned on charges related to the rejection of the national currency in favour of foreign currency for a business transaction. The court held that the action contravened existing financial laws that recognise the naira as Nigeria’s sole legal tender.
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In its ruling, the court stressed the importance of complying with monetary regulations aimed at protecting the naira and maintaining economic stability. The judge warned that continued disregard for the national currency undermines public confidence and the country’s financial system.
The conviction followed an investigation and prosecution by relevant regulatory authorities, who reiterated that all businesses operating in Nigeria are required by law to accept the naira for transactions.
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The court imposed a custodial sentence, reinforcing the government’s stance against practices that weaken the local currency.
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