Magnetic circular dichroism (MCD) has been observed at the L2,3 absorption edges of ferromagnetic nickel by use of circularly-polarized soft-x-ray synchrotron radiation. The MCD intensity ratio between the L2 and L3 edges is found to differ appreciably from that predicted by a simple exchange-split- valence-band model. Fine MCD features, imperceptible in the absorption spectra, are also observed, and a tentative interpretation is given. This work, demonstrating the feasibility of MCD measurements in the soft-x-ray region, provides a new approach to study 3d and 4f ferromagnetic systems with their respective dipole-permitted 2p'3d and 3d'4f transitions. © 1990 The American Physical Society.