Section 1: Establishment of the Autonomous Foreign Exchange Market

(1) There is hereby established an Autonomous Foreign Exchange Market (in this Act referred to as "the Market") where transactions in foreign exchange shall be conducted in accordance with the provisions of this Act.
(2)
Subject to this Act, the Central Bank of Nigeria may, with the approval of the Minister, issue, from time to time, guidelines to regulate the procedures for transactions in the Market and for such other matters as may be deemed appropriate for the effective operation of the Market.