EFCC Warns Lawyers Against Charging Clients in Foreign Currencies
The Economic and Financial Crimes Commission (EFCC) has warned Nigerian lawyers against charging their clients in foreign currencies, raising questions about the growing use of dollars and other foreign currencies in everyday transactions.
The Commission said legal practitioners should comply with Nigeria’s currency regulations and avoid demanding or receiving payments in foreign currencies for services provided within the country, except where permitted by law.
The warning comes amid growing concerns over the widespread use of foreign currencies in Nigeria, particularly the dollar, for transactions that are ordinarily expected to be conducted in naira.
For citizens and businesses, the issue goes beyond legal fees. The increasing preference for foreign currency in parts of the economy has raised concerns about the pressure it places on the naira and the ability of ordinary Nigerians to access essential services without being exposed to exchange-rate fluctuations.
The EFCC’s position also highlights the importance of clarity around when foreign-currency payments are legally permissible and when they amount to a violation of Nigeria’s financial regulations.
As the naira continues to face pressure and the cost of living remains a major concern, enforcement of currency regulations could become increasingly important.
But beyond warnings and enforcement, Nigerians will be watching to see whether such measures can help strengthen confidence in the naira and make everyday transactions more predictable for citizens.
At a time when earning and spending in naira is already difficult for many Nigerians, how much longer can the economy continue to function around the dollar?
Blessing Anolaba
Editorial & Creative Correspondent
A storyteller and journalist passionate about telling stories for policy change and impact.
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