Section 20: Abolition of mandatory requirement to surrender foreign currency.

(1) The requirement heretofore to surrender all foreign currency on importation thereof into Nigeria is hereby abolished.
(2) Accordingly, no person shall be required to declare such foreign currency, unless its value is in excess of the equivalent of US $5,000 (five thousand United States dollars); so however that no person shall have the power to export foreign exchange which had earlier been imported, unless at the port of entry the importer had declared such foreign currency.
(3) Foreign exchange in excess of US $5,000 (five thousand United States dollars) or its equivalent shall be declared for reason of statistics only.
(4) Subject to the foregoing provisions of this section the Central Bank shall design a new form to replace form K/TM popularly known as the Yellow Form for use in the declaration of foreign exchange imported under this Act.
(5) An exporter of Nigerian commodities shall open a foreign currency domiciliary account with an authorised bank of its choice in Nigeria into which all the proceeds of such export shall be fully credited.
(6) All foreign exchange transactions at the weekly fixing sessions under this Act shall be subject to such levy payable to the Central Bank as the Minister may, from time to time, specify.
(7) The proceeds of non-oil exports deposited in the foreign currency domiciliary account shall be utilized only for eligible transactions.