Business FoRex Ban: Nigerians Arrested for Illegally Trafficking Foreign Currencies

[LequteMan]

Some notorious Nigerians have been arrested trafficking large volume of forex across the Nigerian borders without declaration to the appropriate authorities, Guardian reports.



In a circular released recently, the Central Bank of Nigeria, CBN says it has "noted the unwholesome practice of movements of huge foreign currency cash across Nigerian borders by individuals and corporate bodies without compliance to extant law of declaration to the appropriate authorities.

The CBN condemned the development and promised to go through with the strictest sanctions for defaulters.

"The Bank is already collaborating with other relevant agencies of government to ensure compliance to the provisions of the law, “ it added.

Also a very senior Customs Comptroller said several seizures and arrests of currency traffickers have been effected particularly at the airports.

Recently two children of former Governors of Jigawa and Osun States were caught with huge sums of hard currencies at the Murtala Mohammed International Airport and the Aminu Kano International Airport respectively.

 

[Emmanuel D Atolagbe]

Appropriate measure should be taking in dealing with them, that is why corruption persist in this country. Some of the richmen in this country alway take hug amount of money outside the country to save it in their various bank account, most of them dnt want naira to fall again dollars.

 

[Emmanuel D Atolagbe]

Some notorious Nigerians have been arrested trafficking large volume of forex across the Nigerian borders without declaration to the appropriate authorities, Guardian reports.

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In a circular released recently, the Central Bank of Nigeria, CBN says it has "noted the unwholesome practice of movements of huge foreign currency cash across Nigerian borders by individuals and corporate bodies without compliance to extant law of declaration to the appropriate authorities.

The CBN condemned the development and promised to go through with the strictest sanctions for defaulters.

"The Bank is already collaborating with other relevant agencies of government to ensure compliance to the provisions of the law, “ it added.

Also a very senior Customs Comptroller said several seizures and arrests of currency traffickers have been effected particularly at the airports.

Recently two children of former Governors of Jigawa and Osun States were caught with huge sums of hard currencies at the Murtala Mohammed International Airport and the Aminu Kano International Airport respectively.

 

[LequteMan]

Appropriate measure should be taking in dealing with them, that is why corruption persist in this country. Some of the richmen in this country alway take hug amount of money outside the country to save it in their various bank account, most of them dnt want naira to fall again dollars.

Exactly. The rich minority is against the prosperity of the nation. They believe they'll lose their wealth if Nigeria prospers. That's why they're desperate to maintain the status quo, or maybe make it get worse. Look at Boko Haram and subsidy, these are the handiwork of the rich elite.

Until these people are dealth with Nigeria will remain stagnant.