Businessman Sentenced To 4 Years In Prison For Refusing To Accept Naira As Legal Tender 

Justice Alexander Owoeye of the Federal High Court, sitting in Ikoyi, Lagos, has convicted and sentenced a businessman, Uzondu Precious Chimaobi, to four years imprisonment for refusing to accept the Naira as legal tender. A statement by the Economic and Financial Crimes Commission (EFCC) stated that Chimaobi was arraigned on a two-count charge bordering on…

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Naira Gains Rapidly Against Dollar As Sellers Struggle To Find Buyers

The exchange rate between the naira and the dollar continued its rapid appreciation on the official EFEM market, closing at N1,535/$1 on Friday, December 6, 2024. This marks a significant milestone, as the naira strengthens further following three consecutive days of appreciation since the Central Bank of Nigeria (CBN) introduced the Enhanced Foreign Exchange Market…

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