Section 3: Issue of promissory notes for the purpose of raising authorised loans.

(1) Whenever by any Act whether enacted before or after the coming into operation of this Act, authority has been or is given to raise any sum of money by way of loan for any purpose mentioned in that Act, or whenever it is necessary to raise any sum of money for the purpose of repaying any loan raised by the Federal Government under this or any other Act, the Minister may, from time to time, raise such sum or part thereof under the provisions of this Act from Governments of other countries and bodies corporate by the issue of securities in the form of Government promissory notes.
(2) Subject to subsection (1) of this section, the Governor of the Central Bank may issue naira denominated notes or other forms of securities or make any arrangement in respect of outstanding foreign obligations of the Federal Government in the course of rescheduling or restructuring such obligations.