Section 1: Power to stop operation of irregular accounts, etc.

(1) Where, in connection with any currency conversion operation in Nigeria-
(a) there appears any irregularity in any payments, operations or transactions as respects any account of any person with any bank; and
(b)
the Governor of the Central Bank of Nigeria (in this Act referred to as "the Governor") is satisfied that the irregularity occurs in circumstances such as are calculated to, or may likely, prejudice the said currency conversion operation in Nigeria, he may issue, or instruct a bank examiner to issue an order addressed to the manager of the bank where the account is or believed by him to be or the head office of the bank, and by that order or subsequent order direct the bank to supply any information and produce books and documents relating to the account and to stop all outward payments operations or transactions (including any bill of exchange) in respect of such account.
(2)
An order made under subsection (1) of this section shall be in the form prescribed in the Schedule to this Act, and the manager shall take necessary steps to comply with the requirements of the order.
(Schedule.)