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Banking

26 July 2019
Funmilayo Otsemobor Legality of foreign currency-denominated loans by Nigerian banks

Nigeria - Aluko and Oyebode

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.

Authors: Funmilayo Otsemobor, Mutiat Adeyemo, Oluwatamilore Oluwalaiye
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