Overview

The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act establishes an Autonomous Foreign Exchange Market in Nigeria, regulating foreign exchange transactions. It is divided into seven parts: Part I establishes the market and defines dealings, including authorized dealers and buyers, transaction rules, repatriation requirements, and currency import/export. Part II covers foreign currency domiciliary accounts, interest rates, and monitoring by the Central Bank. Part III deals with securities trading. Part IV mandates export of goods and services. Part V requires collection of foreign debts. Part VI lists offences, including penalties for violations. Part VII covers blocked accounts, ministerial directives, jurisdiction, State application, extent, modifications, repeals, transitional provisions, regulations, and interpretation. Key entities include the Central Bank of Nigeria and the Minister. The Act commenced on 16th January 1995.

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