Section 22: Payments for certain goods

(1) Notwithstanding anything to the contrary contained in any enactment or law and except as provided in subsection (2) of this section, no person shall, in Nigeria, make or accept cash payment, whether denominated in foreign currency or not, for the purchase or acquisition of the following-
(a) landed properties;
(b) securities, including stocks, shares, debentures and all forms of negotiable instruments; and
(c) motor cars, including other vehicles of any description whatsoever.
(2) Payments for the items specified in subsection (1) of this section shall, as from the commencement of this Act, be made by means of bank transfers or cheques drawn on banks in Nigeria only.