The Economic and Financial Crimes Commission (EFCC) has arraigned a jeweller for refusing to accept naira, Nigeria’s legal tender.
In a statement it shared via its X handle on Tuesday, EFCC said the defendant, Precious Uzondu, was arraigned on two counts before the Federal High Court in Lagos on 5 February.
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EFCC alleged that the defendant accepted dollars as a means of payment for a purchase of a Carter diamond bracelet, instead of naira, an offence contrary to Section 20 of the Central Bank of Nigeria Act, 2007.
Section 20 of the Act criminalises refusal to accept naira as a means of payment for goods and services in Nigeria. However, this only applies in Nigeria and does extend to international trade.
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It prescribes a fine or imprisonment not exceeding six months upon conviction.
Mr Uzondu pleaded not guilty to the charges.
The prosecution counsel, Hannatu Naisa, requested a trial date and remand of the defendant in a correctional centre.
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However, the defendant’s counsel, Jennifer Achinuagole, informed the court of a pending bail application, which the court subsequently heard.
READ ALSO: Again, EFCC arraigns 11 Chinese nationals for alleged cyber-terrorism, internet fraud in Lagos
However, Ms Naisa opposed the bail application.
After hearing both arguments, the trial judge, A.O Owoeye, granted the defendant bail in the sum of N5 million with two sureties in like sum.
The court directed that the sureties must own verifiable landed properties in Lagos State and must swear to an affidavit of means.
Pending the fulfilment of the bail conditions, the trial judge ordered the remand of Mr Uzondu at the Ikoyi Correctional Centre and adjourned the case until 8 April for the commencement of trial.
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