Section 28: Treasury operations.

The Bank may-(a) purchase and sell gold coin or bullion;
(b) purchase, sell, discount and rediscount inland bills of exchange and promissory notes arising out of bona fide commercial transactions bearing two or more valid and authorized signatures and maturing within ninety days exclusive of days of grace, from the date of acquisition;
(c) purchase, sell, discount and rediscount inland bills of exchange and promissory notes bearing two or more valid and authorized signatures drawn or issued for the purpose of financing seasonal agricultural operation or the marketing of crops, semi-manufacturing or manufacturing operation designed for export, or the marketing of these products and maturing within 180 days, exclusive of days of grace; from the date of acquisition ;
(d) purchase, sell, discount or rediscount treasury bills of the Federal Government which have been publicly offered for sale and are to mature within 364 days;
(e) purchase, sell, discount or rediscount treasury certificates maturing within such a period as may be determined by the Federal Government and specified by an instrument made by the Federal Government;
(f) discount and rediscount project-tied bonds issued by State Governments, Local Governments, corporations owned by the Federal or State Governments, being bonds which have been publicly offered for sale and with maturity not exceeding three years;
(g) purchase and sell securities of the Federal Government maturing in not more than twenty-five years which have been publicly offered for sale or form part of an issue which is being made to the public at the time of acquisition, so that the total amount of such securities of maturity exceeding two years in the ownership of the Bank other than securities held in terms of paragraph (h) of this section or held by the Bank as collateral under section 29(1)(b) shall not together at any time exceed seventy-five per cent of the total demand liabilities of the Bank;
(h) invest in securities of the Federal Government for any amount and to mature at any time, on behalf of staff pension funds and other internal funds of the Bank;
(i) purchase and sell foreign currencies and purchase, sell, discount and rediscount bills of exchange and treasury bills drawn in or on places abroad and maturing within 184 days exclusive of days of grace from the date of acquisition ;
(j) purchase and sell securities of or guaranteed by any government whose currency is freely convertible or securities issued by international financial institutions, of which Nigeria is a member, which are also expressed in currencies which are freely convertible and are of investment grade; and
(k) hold redeemable bonds for the purpose of regularizing any currency exchange exercise.