Section 11: Offences and penalties.

(1)
It shall be an offence for any person, association of individuals or body corporate (whether public or private) to-
(a) engage in foreign exchange transactions other than through the official foreign exchange market; or
(b) engage in foreign exchange transactions at a rate higher than that approved by the Bank; or
(c) publish or cause to be published exchange and interest rates other than the rates determined by the Bank from time to time; or
(d) charge or pay interest rates higher than those approved from time to time by the Bank; or
(e) refuse or neglect to give any information which the Committee may require in exercise of its functions; or
(f) make any statement in respect of information required by the Committee which he knows to be false in any particular material or which he has no reason to believe to be true.
(2)
Any person who commits an offence under subsection (1) of this section is guilty of an offence and liable on conviction-
(a) in the case of an individual, to a fine of N100,000 or imprisonment for a term of two years or to both such fine and imprisonment; and
(b) in the case of an association of individuals or a body corporate, to a fine of N500,000 and the suspension or revocation of its certificate of registration or certificate of incorporation.