Section 29: Offences under Part I

(1) In relation to Part 1 of this Act, a person, who-
(a) with intent to defraud, forges, mutilates, utters or defaces any foreign currency, travellers' cheques or other instrument of exchange in the Market; or
(b) converts any foreign currency to a use for which it is not intended under this Act; or
(c) negotiates any draft, foreign bank note, other foreign exchange or any other trading instrument otherwise than as permitted by this Act; or
(d) forges or produces as genuine to the Central Bank or the Market any false document with a view to utilising the document in any transaction in the Market,
is guilty of an offence under this Act.
(2) A person convicted of an offence under subsection (1) of this section is liable-
(a) in the case of an individual, to imprisonment for a term of five years or to a fine of five times the amount of foreign currency involved; and
(b) in the case of a body corporate, to a fine of ten times the amount of the foreign currency involved.
(3) All the assets, movable or immovable, of a person convicted of an offence under this section shall be forfeited to the Federal Government.
(4) Where the person convicted under this section is an Authorised Dealer, the Central Bank shall revoke his appointment as an Authorised Dealer.
(5) In addition to any other penalty imposed under this section, the foreign currency involved shall be forfeited to the Federal Government.