- The Central Bank on Monday issued a new press release reiterating that it will work with the Customs and other relevant agencies to get forex traffickers who move forex in raw cash out of Nigeria through our borders
- The press release titled TRAFFICKING OF FOREIGN CURRENCY CASH ACROSS
NIGERIA’S BORDERS, notes the CBN is concerned with the increasing trafficking of huge sums of foreign currency across our borders.
As such it reconfirmed that foreign currency exceeding $10,000 must be declared by travelers and that it will aid the Customs in determining the source of such amounts
- This latest press release therefore places more pressure on businessmen who may have resorted to the parallel market to fund their importing needs.
- Typically, some of these importers have no choice but to travel out with their forex in cash to enable them pay for their goods and services. It also, addresses the cases of corrupt politicians who often move forex in cash out of Nigeria.