Section 8: Payments outside Nigeria

(1) Subject to the provisions of this section, no person resident in Nigeria shall, without the permission of the Minister, make any payment outside Nigeria to or for the credit of a person resident outside Nigeria, or take or accept any loan, bank overdraft or other credit facilities.
(2) Nothing in this section shall prohibit the doing of anything otherwise lawful by any person with any foreign currency obtained by him under the provisions of Part I of this Act, or retained by him with the consent of the Minister.