FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT

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FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT

CHAPTER F34 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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ARRANGEMENT OF SECTIONS

Part 1: Establishment of the Autonomous Foreign Exchange Market and dealings in the Market  

1.     Establishment of the Autonomous Foreign Exchange Market.     

2.     Instruments of transactions in the Market.      

3.     Non-disclosure of sources of imported foreign currency.

4      Sources of foreign currency in the Market.

5.     Appointment of Authorised Dealers and Authorised Buyers.               

6.     Revocation of appointment as Authorised Dealer or Authorised Buyer.

7.     Transactions in the Market   

8.     Supervision and monitoring of the Market.

9.     Rate in the Market.  

10.    Transactions permitted in the Market.            

11.    Transactions not permitted, etc.   

12.    Importation and exportation of foreign currencies.

13.    Repatriation of funds.          

14.    Importation and exportation of the naira.       

 15.   Investment of foreign currencies and capital in enterprises or securities in Nigeria.            

16.    Authorised Dealers to submit returns.                             

Part II: Operation of foreign currency domiciliary accounts

17.    Domiciliary accounts.                  

18.    Rate of interest.

19.    Exporters to open account. 

20.    Monitoring and supervision by the Central Bank.

21.    Importation and exportation of foreign currency in cash.

22.    Payment for certain goods

23.    Special surveillance of certain transactions.    

24.    Preservation of records.              

25.    Duty to report international transfer of funds.      

Part III: Securities

26.    Dealing in Securities.                            

Part IV: Export of goods and services 

27.    Export of goods and services.       

Part V: Collection of debts

28     Duty to collect debts.                           

Part VI: Offences

29.    Offences under Part I. 

30.    Offences under Part II.

31.    Offences by bodies corporate.

Part VII: Miscellaneous

32.    Blocked accounts.      

33.    Directives by the Minister.

34.    Jurisdiction.

35.    Application to the State.

36.    Extent of this Act.

37.    Modification of existing legislation.

38.    Repeals and savings.            

39.    Transitional provisions.

40.    Regulations.

41.    Interpretation.

42.    Short title.                   

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FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT

An Act to establish an Autonomous Foreign Exchange Market and to provide for the monitoring and supervision of the transactions conducted in the market and for matters connected therewith.

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(COMMENCEMENT)                      (16th January, 1995)

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