CBN Reads Riot Act to Foreign Currency Traffickers

        

CBN-Governor-Godwin-Emefiele

James Emejo and 
Obinna Chima    


The Central Bank of Nigeria (CBN) has expressed concern over the increasing trafficking

 of what it described as huge sums of foreign currency across Nigeria’s borders.

According to a statement by its Director, Corporate Communications, Ibrahim Mu’azu,

the practice is in contravention of Section 2, Sub-sections 3-5 of the Money Laundering

 (Prohibition) Act.

The relevant section of the Money Laundering (Prohibition) Act states that “transportation

of cash or negotiable instruments in excess of $10,000 or its equivalent by individuals in

or out of the country shall be declared to the Nigerian Customs Service”.

In addition, the Act states: “The Nigerian Customs Service shall report any declaration made

pursuant to subsection (3) of this section to the Central Bank of Nigeria.