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LequteMan
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The Central Bank of Nigeria has vowed to collaborate with law enforcement agencies to bring traffickers of foreign currencies in the country's borders to book.
CBN Director, Corporate Communications, Ibrahim Mu’azu, pointed out that the trafficking of foreign currency across the nation’s borders is a contravention of the extant dictates of Section 2 (subsection 3-5) of the Money Laundering (Prohibition) Act 2011 (as amended).
Section 2 of the Act states that:“Transportation of cash or negotiable instruments in excess of US$10,000.00 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.”
CBN Director, Corporate Communications, Ibrahim Mu’azu, pointed out that the trafficking of foreign currency across the nation’s borders is a contravention of the extant dictates of Section 2 (subsection 3-5) of the Money Laundering (Prohibition) Act 2011 (as amended).
Section 2 of the Act states that:“Transportation of cash or negotiable instruments in excess of US$10,000.00 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.”
