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Expert Analysis

£43M Legal Bill Case Shows Courts' View On Exchange Rates

By Francis Kendall ( September 9, 2024, 3:13 PM BST) -- In a July decision in Process & Industrial Developments Ltd. v. The Federal Republic of Nigeria, the Court of Appeal refused to change the currency used in the payment of the Nigerian government's legal costs in a long-running fraud case. In doing so, the Court of Appeal acted fairly and consistently. Experience shows that the costs bill was always unlikely to be converted from British sterling to Nigerian naira....

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