Hello There,

I'm about to go into a new business, it requires bringing in USD into Nigeria and transfer the money to my associates in Asia to send me the goods, I'm intending to declare the money at our airport but worried about our customs and other force what they will do to me once they know that I have this kind of money with me. The money is legitimate in which I've the paperwork of how I got the money, how the money is transfered into my accunt through my lawyer, how the money showed on my statement of account, how I transfered the money from my account to bureau de change's account for exchange and the receipt/rate used to buy the USD's, I think showing them all this should be okay, but I don't know if CBN will like to see the money as well, with this new rule will my bank in Nigeria accept me to deposit this money to be transfered to my associates as I have a domicilary account after showing them how I got the money. Please I really need you guys advise as I'm trying to do a legitimate business here and employ people to work with me.

Why I need to tranfer the money from Nigeria, it's that to clear the 40 feet container you need Form M amongst other documents from the bank where the telegraphic transfer is done. I can only get this form if I do the T/T in any Nigerian bank. It's not like I cannot transfer the money from my abroad bank but the trouble with our customos will be too much and I'm not ready to bribe anybody. I just want to know what CBN is saying regarding this kind of situation.

Why do you want to bring the usd physically into Nigeria? I receive inflows regularly and still withdraw it from the banks. I don't see why you can't transfer from your source account in the foreign country into your usd account in Nigeria.

Also, why can't you transfer from where you are presently to your clients/suppliers in Asia? Why should it be transferred from Nigeria?