CURRENCY CONVERSION (FREEZING ORDERS) ACT

Section 10: Interpretation.

1971Section 10 of 11Federal Republic of Nigeria

In this Act, unless the context otherwise requires-
"Bank" has the meaning given to it in section 61 of the Banks and Other Financial Institutions Act; and includes the Central Bank of Nigeria as established under the Central bank of Nigeria Act or any person or authority appointed by the Government to receive deposits of currency notes for the purposes of any currency conversion operation;
[Cap. B3. Cap. C4.]
"currency conversion operation" means any exercise in the course of which old currency notes are exchanged or to be exchanged for new issues in the Federation or any part thereof; whether or not such exercise is for a specified period;
"Minister" means the Minister of Finance;
''person or authority" includes any government or governmental agency in the Federation-
(a) the reference to an order issued includes a reference to any order, direction or requirements addressed to the manager of a bank or any other officer of a bank which directs or purports to direct the manager or such officer to stop all outward payments, operations or transactions in respect of any account with that bank.
(a) the reference to an order issued includes a reference to any order, direction or requirements addressed to the manager of a bank or any other officer of a bank which directs or purports to direct the manager or such officer to stop all outward payments, operations or transactions in respect of any account with that bank.

Cite this section

Section 10, CURRENCY CONVERSION (FREEZING ORDERS) ACT (1971).

https://repo.podus.ai/laws/currency-conversion-freezing-orders-act/section/10/