Section 7: Payments in Nigeria.

Except with the permission of the Minister, no person shall do any of the following things in Nigeria, that is to say-(a) make any payment to or for the credit of a person resident outside Nigeria; or
(b) make any payment to or for the credit of a person resident in Nigeria by order or on behalf of a person who is resident outside Nigeria; or
(c) make any payment whatsoever in respect of any loan, bank overdraft or other credit facilities outside Nigeria; or
(d) place any sum to the credit of any person resident outside Nigeria:
Provided that where a person resident outside Nigeria has paid a sum in or towards the satisfaction of a debt due from him, paragraph (c) or (d) of this section shall not prohibit the acknowledgment or recording of the payment.