The Economic and Financial Crimes Commission (EFCC) has issued a warning to legal practitioners across Nigeria, stating that demanding professional fees in US dollars is both illegal and unethical.
EFCC spokesperson Dele Oyewale revealed that the commission has already identified two specific cases where lawyers were found to have charged fees in dollars. He emphasised that the Naira remains the only legal tender in the country, making such transactions a violation of national financial regulations.
“This is unethical and illegal, as the naira is the country’s legal tender,” Oyewale said.
The commission’s directive comes as the Federal Government intensifies efforts to regulate the foreign exchange market and stabilise the value of the Naira. By targeting high-earning professionals, the EFCC is signalling increased scrutiny of service-based transactions that bypass the local currency.
Legal and regulatory implications
The demand for foreign currency in local professional services contradicts the guidelines set by the Central Bank of Nigeria (CBN). Under Nigerian law, all domestic transactions must be settled in Naira to protect the sovereignty of the national currency and support monetary policy objectives.
For legal practitioners, the consequences of such actions are two-fold. Beyond potential criminal investigations by the EFCC for violating foreign exchange laws, lawyers also face significant professional repercussions. The Nigerian Bar Association (NBA) maintains strict Rules of Professional Conduct, and engaging in illegal financial practices can lead to disciplinary measures, including suspension or disbarment.
Economic observers have noted that the “dollarisation” of professional fees increases the pressure on the foreign exchange market, making it more difficult for the CBN to manage liquidity and inflation. When professional services are priced in dollars, it creates an artificial demand for foreign currency that can destabilise the local economy.
The EFCC’s warning serves as a formal notice to law firms and individual practitioners to review their billing structures and ensure strict compliance with national currency laws. The commission has not confirmed whether the two identified lawyers will face immediate prosecution, but the directive indicates that monitoring of professional fee collections is now a priority for the agency.
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