Section 14: Investment of foreign currency

(1) Subject to the provisions of the Nigerian Enterprises Promotion Act, any person may invest in an appropriate enterprise any foreign currency imported into Nigeria and converted into naira in the Market in accordance with the provisions of this Act.
(2) The Central Bank shall, within 14 days of the submission of the relevant document in support of importation of capital by an Authorised Dealer, issue a Certificate of Importation in such form as the Minister may prescribe.
(3) Where any fund is imported into Nigeria and invested in any enterprise pursuant to the provisions of subsection (1) of this section, such fund as well as any profits or dividends derived therefrom may be repatriated at the option of the importer through the Market as provided in subsection (4) of this section.
(4) An application for the repatriation of profits, dividends and capital affected by subsection (1) of this section shall be submitted to the Minister who may approve that such fund be repatriated through the Market.
(5) The Minister may approve an application under subsection (4) of this section if he is satisfied that-
(a) the application relates to a bona fide current transaction;
(b) where the application relates to a transfer of capital abroad, that it is not such as to destabilize or prejudice the orderly operation of the Market.
(6) The Minister may delegate his functions under subsection (4) and (5) of this section to any employee of his Ministry and of such ranks as he may designate from time to time.