True funds above $10,000 can still be transferred/Travelled With – CBN

The Central Bank of Nigeria (CBN) over the weekend explained that genuinely owned or obtained funds or negotiable instruments in excess of $10,000 or its equivalent can be brought into Nigeria or taken out after declaring same to the Nigerian Customs Service (NCS).

In a circular referenced FPR/DIR/CIR/GEN/03/004 to banks and other financial institutions signed by the Ag. Director, Financial Policy and Regulation Department CBN, Y.B Duniya, the apex bank said this clarification became necessary in view of some misinterpretation of the provision of section 2 of the Money Laundering (Prohibition) Act (MLPA), 2011 (as amended). The Act it said has been misinterpreted to mean that fund transactions and negotiable instruments to or from a foreign country in excess of $10,000 or its equivalent is prohibited.

CBN explained that rather, it provided that travelers are not supposed to travel out of Nigeria with cash of more than $10,000 except such amount is declared to the Customs officers either at the airport or any of the land borders.

The bank further stated that “Section 2(5) provides that any person who falsely declares or fails to make a declaration to the NCS pursuant to section 12 of the Foreign Exchange Act, Cap. F34, LFN, 2004 is guilty of an offence and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment of not less than two (2) years or both.”

The apex bank therefore enjoined travelers to understand that it is the false declaration or failure to make a declaration that to the NCS that is the offence; stressing that forfeiture of the undeclared funds or negotiable instrument will occur upon conviction. - TheSUN