EFCC convicts 10 for naira abuse
Analysis based on 7 articles · First reported Jul 06, 2026 · Last updated Jul 07, 2026
The convictions reinforce the legal prohibition against naira abuse, potentially deterring similar behavior. However, the event is minor and unlikely to have significant market impact.
The Nigeria — Economic and Financial Crimes Commission (EFCC) secured the conviction of 10 individuals for mutilating and abusing the Nigeria — Nigerian naira by spraying the currency at social events in Delta and Edo states. The convicts were prosecuted before Justice F. A. Olubanjo of the Federal High Court, Asaba, Nigeria — Delta State, and Justice C. A. Obiozor of the Federal High Court, Benin City, Nigeria — Edo State. They pleaded guilty to charges under Section 21(3) of the Nigeria — Central Bank of Nigeria Act, 2007. Sentences ranged from six to twelve months imprisonment with an option of a N100,000 fine. The convictions are part of the EFCC's ongoing crackdown on naira abuse.
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