Section 15: Transitional provisions; Official First Tier Market transcations.

(1) All transactions to which the provisions of subsection (2) of this section relate are hereby declared to be Official First-Tier foreign exchange transactions and shall be settled at the rate of exchange prevailing at the date when-
(a) all documentation prescribed by the Central Bank to be relevant to the transaction concerned were submitted to the Central Bank;
(b) the obligation to which the documentation relates has, having regard to the nature of such transaction, become due and payable; and
(c)
the corresponding naira component of the transaction has been deposited with the Central Bank;
whichever last occurs; so however that no such transaction shall be regarded as due and payable unless the provisions of paragraphs (a) and (c) of this sub-section have all been complied with.
(2) The Official First-Tier Market transactions referred to in subsection (1) of this section are as follows-
(a) any transaction covered by a specific import licence issued in 1985 or 1986 for which a confirmed and irrevocable letter of credit was established on or before the last day immediately preceding the commencement of this Act;
(b) capital transfers, profits, dividends and other invisible payments for which approval has been granted by the Federal Ministry of Finance and Economic Development or the Central Bank on or before the last day immediately preceding the commencement of this Act;
(c)
public or private sector transactions relating to debt service obligations that are due and payable; official contributions and grants to international organisations and remittances to Nigerian Missions abroad;
(d) net proceeds of air tickets sold by foreign airlines up to and including the last day immediately preceding the commencement of this Act;
Provided that the first leg of the journey out of Nigeria had begun before the date of commencement of this Act;
(e) any transaction valid for foreign exchange in respect of which advance import duty on Form C 188 A had been paid, a Clean Report of Findings issued by the Inspection Agent, and documents submitted to the Central Bank of Nigeria for the issue of cover not later than the last day immediately preceding the commencement of this Act.