A Laws.Africa project
24 September 1986

Nigeria Government Gazette supplement dated 1986-09-24 number 47 part A

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                                                                                                                   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.
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                                                         .                    [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.

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