FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT

Section 18: Rate of interest

1995Section 18 of 42Federal Republic of Nigeria

(1) A bank shall pay, to the credit of a domiciliary account, interest at such rate as the Central Bank may, from time to time, prescribe.
(2) The Central Bank may authorise a bank to transact banking business in any foreign currency deposited with the bank pursuant to this Act.

Cite this section

Section 18, FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT (1995).

https://repo.podus.ai/laws/foreign-exchange-monitoring-and-miscellaneous-provisions-act/section/18/