INTRODUCTION
In the Nigerian commercial jurisprudence, it had long been settled law that although courts possess the jurisdiction to render judgments in foreign currency, the conversion of such sums into Naira must be tied to the prevailing exchange rate at the date of actual liquidation of the judgment sum. This principle served as a safeguard for judgement creditors against the volatility of the Naira. However, this position appears to have shifted on 12th December 2025, following the Supreme Court’s (“the Court”)
decision in the case of Fidelity Bank Plc v. Sagecom Concepts Ltd & Anor. (“Fidelity Bank v. Sagecom”). In ruling on a post-judgment application by Fidelity Bank Plc seeking clarification of the monetary judgment of the trial court which had been affirmed on the merits by both appellate courts, the Supreme Court revisited the framework for currency conversion in judgements denominated in foreign currency, thereby unsettling an established precedent.
This article examines the facts of the case and the decision of the Supreme Court, while offering a detailed analysis of two notable principles of law enunciated therein and their broader significance. To achieve this objective, the discussion is structured into five (5) parts. The first part serves as an introduction to the subject matter. The second part sets out the facts of Fidelity Bank v. Sagecom. The third part examines the decision of the Supreme Court in the matter. The fourth part provides commentary and critical analysis of the legal issues arising from the decision. The fifth and final part presents the conclusion.
