Section 1: Establishment of the Second-Tier Foreign Exchange Market.

(1) There is hereby established a Second-Tier Foreign Exchange Market (hereafter in this Act referred to as "the Market") where transactions in foreign exchange shall be conducted in accordance with the provisions of this Act.
(2) Subject to this Act, the Central Bank of Nigeria may, with the approval of the Minister, issue from time to time guidelines to regulate the procedures for transactions in the market and such other matters as may be deemed appropriate for the effective operation of the Market.
(3) If the provisions of any other enactment are inconsistent with the provisions of this Act, the provisions of this Act shall prevail and that other law shall, to the extent of the inconsistency, be void.
(4)
For the avoidance of doubt, the provisions of the Exchange Control (Anti-Sabotage) Act shall not apply to transactions lawfully conducted in the Market.
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