A 131 Supplement to Official Gazette Extraordinary No. 47, Vol. 73, 24th September, 1986—Part A SECOND-TIER FOREIGN EXCHANGE, MARKET DECREE 1986 ARRANGEMENT OF SECTIONS Section 1. Establishment of the Second-Tier 13. Restriction in theimportation and Foreign Exchange Market. exportation of the Naira. 2, Instrumentsoftransactions in the 14. Investmentof foreign currency. Market. ; 15, Transitional provisions : Official 3, Non-disclosure of sources of First-Tier Market transactions. imported foreign currency. ~ 16, Outstanding obligations. 4, Sources of foreign currency in the 17. Termination of the First-Tier Market. Foreign Exchange Market. 5. Appointmentof Authorised Dealers. 18. Requirementto submit returns, 6. Revocation of appointment of : Authorised Dealers. 19. Offences and penalties, 7. Structure of the Market. 20, Abolition of mandatory require- ment to surrender foreign 8. Supervision and monitoring of the’ currency. Market. ' . : os : : 9, Dealings and pricing in the Market.’ 21. Modification of existing legislation. 10. Transactions permitted in the | 22. Regulations, Market. 11. Transactions not permitted. 23, Interpretation. 12. Repatriation of funds. 24. Citation and commencement. % 2 1 . [See section 24]: Commence- ment. Decree No. 23 THE FEDERAL MILITARY GOVERNMENT hereby decrees as follows:— “L-(1) There is hereby established a Second—Tier Foreign Exchange Establish- Market (hereafter in this Decree referred to as “the Market”) where trans— ment of the Second-Tier actions in foreign exchange shall'/be conducted in accordance with the - Foreign provisions of this Decree. | Exchange Market. (2) Subject to this Decree, 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 Decree, the provisions of this Decree shall prevail and that other law shall, to the extent of the ii nconsistency, be void.