Section 21: Importation and exportation of foreign currency in cash

(1) A person who imports foreign currency in excess of US $10,000 or its equivalent in cash and not by means of a bank draft, mail or telegraphic transfer and deposits the foreign currency in a domiciliary account with an Authorised Dealer shall only make cash withdrawals from the account.
(2) The foreign currency referred to in subsection (1) of this section which has been imported into Nigeria in cash shall only be exportable from Nigeria in cash.
(3) For the avoidance of doubt, no Authorised Dealer shall permit or in any way facilitate the withdrawal of the foreign currency referred to in subsection (1) of this section by any means other than by cash.