CBN Vows To Punish Foreign Currency Traffickers

The Central Bank of Nigeria (CBN) has said it would henceforth request for evidence of tax payment for funds in excess of $10,000 or its cash equivalent being transported outside the country as part of measures to curb money laundering in the country.

The apex bank in a statement issued by its director, Corporate Communications, Ibrahim Mu’azu, yesterday which raised concerns over the increase in the transporting of huge sums of foreign currency across the borders of the country, said it would commence investigation into the source of such funds.

Asides investigating the source of the huge foreign exchange declared to the Nigerian Customs and requesting for evidence of payment of tax and other levies, the CBN said it would also seek the justification of such funds to ensure that no money laundering activity was involved.

It noted that the trafficking of funds across the borders of the country was in “defiance of the extant dictates of Section 2 subsection 3-5 of the Money Laundering Prohibition Act 2011 which categorically 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 Custom Service.

“The NCS shall report any declaration made pursuant to subsection 3 to the CBN. Any person who falsely declares or fails to make a declaration to the NCS, is guilty of an offense and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment to term 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 contraventions.”