The Finance Act's enactment in January 2020 was heralded as a milestone event due to the far-reaching amendments that it made to several tax statutes. The main amendments to the Stamp Duties Act are the introduction of electronic documents as chargeable instruments and provision for electronic receipts and stamping, which demonstrate the government's aim of increasing government revenue by considering the impact of technological advancements on commercial transactions.
A recent Federal High Court decision has raised doubts as to the legality of foreign currency-denominated facilities. The Central Bank of Nigeria Act makes it clear that the naira is the currency of payment for the domestic supply of goods and services in Nigeria. However, the designation of the naira as legal tender in Nigeria does not suggest that the use of any other currency as a medium of exchange within Nigeria is prohibited.