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Currency Conversion (Freezing Orders) Act 🇳🇬

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Currency Conversion (Freezing Orders) Act

  • Published in Official Gazette supplement no. 13 on 24 March 1971
  • Commenced on 24 March 1971
  • [Up to date as at 31 December 2002]
An Act to enable the Governor of the Central Bank of Nigeria to order the stoppage of any account of any person in circumstances where there exists any irregularity in payment, etc. calculated or likely to prejudice any currency conversion exercise.

1. Power to stop operation of irregular accounts, etc.

(1)Where, in connection with any currency conversion operation in Nigeria-(a)there appears any irregularity in any payments, operations or transactions as respects any account of any person with any bank; and(b)the Governor of the Central Bank of Nigeria (in this Act referred to as "the Governor") is satisfied that the irregularity occurs in circumstances such as are calculated to, or may likely, prejudice the said currency conversion operation in Nigeria,he may issue, or instruct a bank examiner to issue, an order addressed…

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