In June 2024, the Economic and Financial Crimes Commission (EFCC) secured the conviction of Onuigbo Chibuzor in Enugu State for currency racketeering. Chibuzor was apprehended for selling ₦40,000 in new ₦200 denominations for ₦60,000.
He pleaded guilty to the charge and was sentenced to three months imprisonment or an option of a ₦200,000 fine. The court also ordered that the seized ₦40,000 be returned to the Treasury Single Account of the Federal Government.
Similarly, in February 2025, the EFCC arrested Nwachukwu Ifeanyi in Owerri, Imo State, for hawking ₦500,000 in new ₦500 notes. He was convicted and sentenced to six months imprisonment or a ₦1 million fine, with the confiscated funds forfeited to the federal government.
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