Overview

The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995 (Decree No. 17 of 1995) is a Nigerian law that establishes the Autonomous Foreign Exchange Market and regulates foreign exchange transactions. The Act is divided into seven parts. Part I establishes the Market, defines instruments for transactions (e.g., foreign bank notes, coins, travellers' cheques, bank drafts, transfers), and prohibits requiring disclosure of foreign currency sources. It allows any convertible currency, permits the Central Bank of Nigeria (CBN) with Minister approval to issue guidelines, appoints Authorised Dealers and Buyers, and outlines market supervision, rates, permitted and prohibited transactions, import/export of currencies, repatriation of funds, investment rules, and return submissions. Part II covers foreign currency domiciliary accounts, including operation, interest rates, exporters' obligations, CBN monitoring, cash import/export, payment for goods, special surveillance of certain transactions, record preservation, and reporting international transfers. Part III addresses dealing in securities. Part IV deals with export of goods and services. Part V concerns collection of debts. Part VI lists offences under Parts I and II, including penalties for bodies corporate. Part VII includes blocked accounts, Minister directives, jurisdiction, application to states, extent, modification of existing legislation, repeals, savings, transitional provisions, regulations, interpretation, and short title. The Act aims to monitor and supervise foreign exchange transactions, promote market-based exchange rates, and facilitate legitimate external transactions.

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