In a case that has stirred public interest and raised questions about the use of foreign currency in local transactions, a Lagos court has sentenced a jeweller to four years imprisonment for selling a luxury Cartier bracelet in US dollars and refusing to accept the Naira equivalent.
What Really Happened?
The jeweller, whose name has not been made public in the report, was brought before the court after he insisted on being paid in dollars for a high-end bracelet, violating Nigerian laws that regulate currency usage within the country.
According to the case presented in court, the jeweller sold the Cartier bracelet in foreign currency and rejected payment in Nigeria’s legal tender — the Naira. This act goes against financial regulations that prohibit local businesses from demanding payment in foreign currency, especially when the transaction takes place within Nigeria.
Why This Is a Crime in Nigeria
Under Nigerian law, the Naira is the only legal tender allowed for transactions within the country. This means that all purchases, sales, or services must be charged and paid for in Naira unless otherwise permitted by the Central Bank of Nigeria (CBN).
Selling in dollars or any other foreign currency without approval can be considered economic sabotage and a breach of the CBN Act. The law is in place to protect the value of the Naira and maintain economic stability.
The Court’s Verdict
After listening to the evidence and arguments, the Lagos court found the jeweller guilty and handed down a four-year jail term. The ruling serves as a strong warning to other business owners who might be tempted to insist on foreign currencies for their goods or services.
The judge stressed the importance of obeying financial laws, especially at a time when Nigeria is working hard to strengthen its economy and promote the use of local currency.
Public Reactions
Many Nigerians have reacted strongly to the news. While some people believe the punishment is too harsh, others feel it’s the right move to prevent a culture of rejecting the Naira in favor of the dollar, which could worsen inflation and weaken the economy further.
Some also expressed surprise that luxury items are still being sold in dollars despite the clear law. The case has now brought more awareness to this issue.
Lessons to Learn
This case is a reminder to both businesses and customers that:
All local transactions must be done in Naira.
Refusing the Naira or insisting on foreign currency can lead to legal trouble.
Even high-end businesses and luxury goods sellers must follow the same rules.
As Nigeria continues to battle inflation and economic instability, this ruling is seen as a strong stand by the judiciary in defending the integrity of the national currency. It’s also a clear signal that no one — regardless of their social status or line of business — is above the law.
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Written By Fortune Davidson