Man Faces EFCC for Dollar Sale of Cartier Diamond Bracelet
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Chimaobi Uzondu before the Federal High Court in Lagos for allegedly violating the Central Bank of Nigeria’s (CBN) directive that mandates the use of the naira for all local transactions. According to the EFCC, Uzondu, on December 10, 2024, in Lagos, refused to accept payment in naira for a Cartier diamond bracelet, insisting instead on payment in U.S. dollars.
This action contravenes Section 1 of the CBN Act, which designates the naira as the legal tender for transactions within Nigeria. Uzondu pleaded not guilty to the charge. Following his plea, the defense counsel requested bail for the defendant. The court granted bail and adjourned the case to a later date for the commencement of trial.
