Legal Dilemmas

By Ehiwe O. Sam ESQ. Just recently, the UK Export Finance added the Naira to its list of pre-approved currencies. This development brings Nigeria into the league of other African countries like Egypt, Kenya, Mauritius, South Africa and Uganda who also enjoy this privilege. This development is coming up roughly two (2) years after the UK exited the European Union. It is important to understand what this recent development represents as well as its overall implications to the Nigerian Economy. First, it should be noted that the acceptance of the Naira by the British government does not mean that the Naira now qualifies as a legal tender in the UK. This arrangement between the two countries strictly relates to trade finance. Put differently, this arrangement is for importers and does not qualify for retail and debit card transactions. To be eligible under this program, the minimum transaction value for exports to Nigeria is £5 million in Naira equivalent, and it allows the Ni