Section 4: Surrender of gold and certain foreign currency.

(1) The Minister may, from time to time, by order declare any foreign currency to be specified currency; and on the making of the order, every person in Nigeria who is not an authorised dealer but is entitled to sell or procure the sale of any gold or foreign currency declared to be specified currency shall offer or cause to be offered the gold or specified currency for sale to an authorised dealer, unless the Minister consents to the retention and use thereof by that person, or the gold or specified currency is disposed of to any other person with the permission of the Minister.
(2) If any person having obtained the consent of the Minister to the retention and use by that person of any gold or specified currency, and having stated in an application for the consent that he requires the gold or specified currency for a particular purpose, no longer requires the gold or specified currency for that purpose, the preceding subsection shall have effect as if the consent of the Minister to the retention and use of the gold or specified currency as the case may be had been revoked.
(3) A person who acquires any gold or specified currency from an authorised dealer shall be treated for the purposes of this section as if the Minister had consented to the retention and use by him of the gold or specified currency subject to any conditions notified to him in accordance with subsection (2) of section 3 of this Act, and as if any statement made by him in an application for the gold or specified currency as to the purpose for which he requires it had been made by him in an application for the Minister's consent to his retention and use thereof.
(4) Where a person is bound under this section to offer or cause to be offered any gold or specified currency for sale to an authorised dealer, it shall be no compliance with this Act that an offer to sell is made or caused to be made by that person at a price which exceeds the price authorised by the Minister, or does not provide for payment of usual and proper charges of the authorised dealer, or is otherwise on any unusual terms.
(5) Where a person bound under this section to offer any gold or specified currency for sale to an authorised dealer fails to do so, the Minister may direct payment of the gold or specified currency to the Accountant-General of the Federation; and the gold or specified currency shall be paid accordingly and be held on behalf of the Federal Government free from any mortgage, pledge or charge. The direction of the Minister under this subsection shall be sufficient authority for the Accountant-General of the Federation to payout of the Contingencies Fund to the person who would, but for the direction of the Minister, be entitled to the gold or specified currency, such sum as the person would have received, if at the date of the payment to the Accountant-General of the Federation the person entitled had sold the gold or specified currency to an authorised dealer as prescribed by this section; and the Accountant-General of the Federation shall deal with the gold or specified currency as the Minister may require.
(6) In any proceedings for failure to comply with the requirements of this section, it shall be presumed, until the contrary is shown, that the gold or specified currency in question has not been offered for sale to an authorised dealer.