Section 7: Restriction on certain transactions

(1) A bank shall not without the prior approval of the Board and the Central Bank of Nigeria-
(a) open or close any cash office within its geographical area in Nigeria; or
(b) engage in any foreign exchange transaction.
(2) Any bank which acts in contravention of the provisions of subsection (1) of this section commits an offence and is liable on conviction to a fine of N200 for each day during which the offence continues.