The Economic and Financial Crimes Commission has warned legal practitioners against charging clients in foreign currencies, signalling a tougher regulatory approach to currency-related practices within Nigeria’s legal profession.

The commission’s warning places lawyers who demand payment in dollars or other foreign currencies under possible prosecution, depending on the circumstances surrounding the transactions and applicable financial laws.

The development is likely to attract attention across the legal sector, particularly among practitioners who represent corporate organisations, international investors and clients involved in transactions with foreign financial components.

The EFCC’s position reinforces the broader regulatory emphasis on the use of the naira for domestic transactions. It also highlights the growing scrutiny of professional service providers who receive substantial payments from clients.

For lawyers, the warning could require closer examination of the terms contained in engagement letters and professional fee agreements. While legal practitioners and their clients generally negotiate the cost of professional services, such arrangements remain subject to the laws regulating financial transactions in Nigeria.

The issue could become particularly significant for law firms that routinely handle commercial transactions involving multinational companies or individuals with access to foreign currency.

The EFCC has previously warned lawyers about the need to exercise due diligence when dealing with clients and payments. In 2024, EFCC Chairman Ola Olukoyede urged legal practitioners to know the background of their clients and ensure that money received from them did not constitute proceeds of crime. 

The latest warning expands the financial compliance conversation by focusing attention on the currency used to settle professional fees.

The commission’s intervention could therefore encourage law firms to review their internal payment procedures and ensure that invoices, client accounts and transactions comply with applicable regulations.

It could also prompt clients to seek greater clarity before agreeing to foreign-currency-denominated legal fees.

The EFCC’s approach reflects its wider mandate to investigate and prosecute economic and financial crimes. The commission itself has reiterated that its responsibilities include investigating and prosecuting financial crimes such as money laundering and related offences. 

For the legal profession, the warning sends a clear message that professional status does not place practitioners outside Nigeria’s financial regulatory framework.

Lawyers who continue to structure their fees in foreign currencies will therefore need to consider the applicable rules carefully to avoid regulatory complications or possible criminal proceedings.