Court reporting by PUNCH says two Bureau De Change operators have been sentenced to five years in prison for conducting foreign-exchange business without valid Central Bank of Nigeria licences.
The Federal High Court in Abuja imposed the sentences in cases prosecuted by the Economic and Financial Crimes Commission. Each conviction included an option of a ₦2 million fine.
The judgments underline continuing attempts by regulators and enforcement agencies to move informal currency dealing into a more tightly supervised framework.
Nairametrics reported that the operators received “five years’ imprisonment each,” while The Business Times said the offences involved operating “without valid licences from the Central Bank of Nigeria.”
Echotitbits take: Enforcement can reduce unregulated activity, but it must be paired with sufficient licensed FX access. If legitimate channels cannot meet demand competitively, informal markets tend to reappear regardless of penalties.
Source: PUNCH – https://punchng.com/court-jails-bdc-operators-over-unlicensed-forex-activities/, September 8, 2026.
Photo Credit: World Banks Blogs
