CBN Warns Currency Traffickers
Nigeria Apex bank, Central Bank of Nigeria (CBN) has issued a warning to people who transport large sums of foreign currency across the nation’s borders.This warning was contained in a statement by the bank’s Director of Corporate Communications, Ibrahim Mu’azu.
According to the bank in the statement, the practice is an offence under Section 2, Sub-sections 3-5 of the Money Laundering (Prohibition) Act.
The statement reads: “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.
“The Nigerian Customs Service shall report any declaration made pursuant to subsection (3) of this section to the Central Bank of Nigeria.
“Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service pursuant to Section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, F34, LFN, 2004 is guilty of an offence and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonments to term of not less than two years or to both.
“For the avoidance of doubt, the general public is hereby notified that the CBN (in collaboration with other relevant regulatory and security agencies) will promptly apply appropriate sanctions and penalties for contravention of the provisions of this Act”.