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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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Upcoming event

IBA Annual Conference 2019

22 – 27 September 2019 – Seoul, South Korea

The IBA Annual Conference 2019 will be held in Seoul, South Korea, a thriving metropolis that mixes the traditional with the modern – from skyscrapers, high-tech subways, K-pop culture and K-beauty to Buddhist temples, palaces and street markets and a history going back 5,000 years. This technologically forward, but deeply traditional city, located between the North Asian powerhouses of Japan and China, is an ideal location for the largest and most prestigious event for international lawyers.

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