rusher14:
The policy doesn’t need to be reversed.

Everywhere in the world, for such bulk transactions, a bank needs to be involved.

It helps with currency tracking, reduces the possibility of such funds being used for illicit trading / terrorism. It also helps as a control against money laundering and other offences.

I believe the money should be returned to the owners once their authenticity is verified. They should also be mentored on how future transactions are to be undertaken.

The EFCC / CBN should also make it a point of duty to go on road trips to educate traders on transactions are expected to be carried out.

Commercial banks who need such funds by the way should see this as an avenue for marketing their various products.

tiwiex:
not reported I agree. So can you report and get away with it? Are there exemptions to seizures? My friend declared 40k dolls on entry to the US and he was allowed in. So b4 we start screaming universal, I think it is to control illegal and dangerous behaviours. I am not sure trading is one. These actions have far reaching impacts. The international community will soon start screaming. International business will suffer.

eyesofgod:


Who were the dealers?

tiwiex:
not reported I agree. So can you report and get away with it? Are there exemptions to seizures? My friend declared 40k dolls on entry to the US and he was allowed in. So b4 we start screaming universal, I think it is to control illegal and dangerous behaviours. I am not sure trading is one. These actions have far reaching impacts. The international community will soon start screaming. International business will suffer.

rusher14:
The policy doesn’t need to be reversed.

Everywhere in the world, for such bulk transactions, a bank needs to be involved.

It helps with currency tracking, reduces the possibility of such funds being used for illicit trading / terrorism. It also helps as a control against money laundering and other offences.

I believe the money should be returned to the owners once their authenticity is verified. They should also be mentored on how future transactions are to be undertaken.

The EFCC / CBN should also make it a point of duty to go on road trips to educate traders on transactions are expected to be carried out.

Commercial banks who need such funds by the way should see this as an avenue for marketing their various products.

drey076:

ODE, they ought to report themselves to the appropriate authority for traveling with above stipulated amount.
The policy is good

gonaeme:
Some ppl comments without knowing the reason traders are travelling with cash.one of the policies Buhari introduced was to stop banks from accept dollars while his intention was to fight money laundering through banks,the same policy is affecting the importation,smthing has to be done,importers has to be given preference if not the policy will have a toll on the economy very soon.

funkiebully:


Convert dollar to naira or what? Do they transact in naira?

sunnyb0b0:


There is no limit to the amount of cash you are allowed to take out of Nigeria but you have to declare any sum more than $10,000.

vexing:

Then why EFCC go to d market to arrest the bureau de change guy. How many aboki bureau de change guys have been arrested. Stop forming intellectual my guy. This is pure witch hunting. Smh for this pathetic country called Nigeria

christinie:
This is so bad. This is why some people reduce their money to white powder before travelling. How do they want importers to cope? Please reverse this policy.

adconline:
NL is peopled by willfullly ignorant folks most of whom have never been to MMA nor wired $500 outside Naija!! There is no limit of money u can bring into Naija. As a matter of fact, Customs and EFCC don't ask u if you re bringing $€£ into Naija, so once these funds are brought into Naija and purchased local BDCs, then EFCC swings into action to seize money??

rusher14:
The policy doesn’t need to be reversed.

Everywhere in the world, for such bulk transactions, a bank needs to be involved.

It helps with currency tracking, reduces the possibility of such funds being used for illicit trading / terrorism. It also helps as a control against money laundering and other offences.

I believe the money should be returned to the owners once their authenticity is verified. They should also be mentored on how future transactions are to be undertaken.

The EFCC / CBN should also make it a point of duty to go on road trips to educate traders on transactions are expected to be carried out.

Commercial banks who need such funds by the way should see this as an avenue for marketing their various products.

Okudiover:



That the traders mentioned where they made the transaction is a different matter. The best you can charge the operators is for operating a bureau de change outside existing monetary regulations. This does not absolve the traders of culpability in money laundering as ignorance of the law is no excuse.

Chigold101:
this is why we wailed against Buhari becoming the President... We saw this coming... Those Igbo Buhari fans should come and enjoy… this is just the beginning...

Can someone call Father Mbaka for me...?

rusher14:


I may be wrong but the article states $5,000 is the max and I reckon you must declare anything more than that.

ESMANIA1476:
There's no ignorance in law. The policy is a very good policy to strengthen our own currency due to dwindling in oil price. The current policy on foreign currency lodgement in commercial banks made adequate provision for importers and exporters. Those wailing without the in - depth knowledge of the policy should visit CBN website www.cbn.gov for adequate information. The anti money laundering of declaring cash while travelling and limit of the amount you can travel with was not made by this administration rather it's in the Anti Money Laundering Act. After due diligence and confirmation that they're genuine traders, there money and passport should be returned and educate on how to carry out such transactions. Thank you.

franciskaine:
U deserve an honorary PhD for dis.

rusher14:


At the airport, on your way out of any country of this world, eyebrows would surely be raised and questions asked if found with bulk sums.

Such money could be seized if considered to be proceeds of crime.

adconline:

Another ignorantly-opinionated troll.. Banks don't accept foreign currencies in Naija. Why is that folks that have never held any dom account are talking

rusher14:
You do realise these guys were caught at the airport.

rusher14:


At the airport, on your way out of any country of this world, eyebrows would surely be raised and questions asked if found with bulk sums.

Such money could be seized if considered to be proceeds of crime.

sunnyb0b0:

He deserves am honorary PhD for a wrong analysis?

Ramnon2:


Easy on the rudeness, dude, it is absolutely unneeded. I do own a dom account but use it only to remit money to Nigeria from abroad not the other way round. BTW, is the portion of your statement in bold a new Nigerian policy or has it always been there? If so, do you mind enlightening me on how these cash-totting Nigerian traders beat the 10K cash limit at foreign airports?

Ramnon2:


Easy on the rudeness, dude, it is absolutely unneeded. I do own a dom account but use it only to remit money to Nigeria from abroad not the other way round. BTW, is the portion of your statement in bold a new Nigerian policy or has it always been there? If so, do you mind enlightening me on how these cash-totting Nigerian traders beat the 10K cash limit at foreign airports?

TroubadourM:
Inasmuch as these traders might have just wanted to cut corners, it's still possible they were ignorant of the policy, the CBN & EFCC hunting for dollars everywhere (even though they never remitted the billions recovered in the past) should make it a duty that people understand this things the layman way, instead of raiding airports, we all know the real laundering goes in diplomatic pouches and briefcases. I knew the moment some people heard "igbo", they'd even rather wish the money would be sized and given to them, well, wishes ain't horses & this is not 1970, and knowing fully well that some other sections of the country has people so illiterate and ignorant they can't even use commercial banks, it won't be long before the table gets turned around, unless those wailing about witch-hunt are actually correct and only a particular tribe got the searchlight constantly beamed on them, if not am sure much more dollars would be discovered if some other airports & markets are "raided".