Defendant/Applicant has mounted this application seeking an order for the dismissal of the suit. The basis of the application, according to counsel for the applicant, is founded under section 3(1) and (4) of the Foreign Exchange Act, 2006 (Act 723) which states as follows:
(1) “A person shall not engage in the business of dealing in foreign exchange without a license issued under the Act.
(2) The Bank shall prescribe the banks or other corporate bodies or persons that it considers competent to engage in the business of dealing in foreign exchange.
(3) The Bank shall issue or renew a licence to engage in the business of dealing in foreign exchange subject to conditions that the Bank shall determine: from time to time.
(4) The business of dealing in foreign exchange includes the (a) purchase and sale of foreign currency,
(5) (b) Receipt or payment of foreign currency,
(6) (c) Importation and exportation of foreign currency, and (d) lending and borrowing of foreign currency”.
And under se…