FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT

Section 2: Instruments of transactions in the Market

1995Section 2 of 42Federal Republic of Nigeria

(1) Transactions in the Market shall be conducted in any convertible foreign Currency.
(2) Without prejudice to the generality of the provisions of subsection (1) of this section, transactions in the Market shall also be conducted through the usual money market instruments, that is-
(a) foreign bank notes;
(b) foreign coins;
(c) travellers' cheques;
(d) bank drafts;
(e) mail or telegraphic transfers; and
(f) such other money market instruments as the Central Bank may, from time to time, with the approval of the Minister, determine.

Cite this section

Section 2, FOREIGN EXCHANGE (MONITORING AND MISCELLANEOUS PROVISIONS) ACT (1995).

https://repo.podus.ai/laws/foreign-exchange-monitoring-and-miscellaneous-provisions-act/section/2/