erico2k2:

Bro seriously are you trying to tel us you never heard on the news or even on here when the Govt put down the policy which made banks not to accept Hard currency into Dom account

mascott:
I have long wanted to create a thread on this subject but thank God its here today.
There is a lot of ignorance on what actually goes on at the international airports and how it affects businesses especially importers.

The law states you have to declare any money above $10000, but strangely any cash declared above $10000 dollars is seized at the point of exit.

This is a direct consequence of the overzealous actions of the newly constituted presidential task force on currency trafficking at the airports.

Now am not talking because I heard from someone but because I've been a victim myself.

I normally source goods from Dubai for resale in Nigeria and have been doing it for over 5 years. For those who are familiar with Dubai travellers, you will note that most of us travel with cash as its cheaper and more convenient that transfers.

The normal routine is when i get to the airport, i declare the amount cos its always more than $10000 after which you are allowed to board.

What people don't realise is that the new CBN policy forbids payment of dollars into domiciliary accounts and also placed embargo on international transfers due to concerns about money launderers.

Now I was supposed to make my latest trip sometime last week but was unaware of this new task force guys.

Upon arrival, I declared the cash on me to the custom guys($54,000). I was then taken to a room upstairs where I was told I couldnt travel cos I have more than the allowed $10000. I asked why and they said it was an administrative change within. To my greatest consternation I was also informed my cash have been seized and that I wouldnt be allowed to make the trip cos I was under arrest and would be taken to the EFCC immediately.

I asked why that was the case since I declared on arrival and I was told the new mandate given to them from Abuja was to impound any cash above $10000 whether declared or not.

In fact we were four in total held for the same offence that day and everyone of us declared our cash on arrival but the cash was impounded and after some little delay we were all bundled to the EFCC office on Awolowo road Ikoyi.

As am speaking to you now my cash hasn't been returned as I was released on bail pending the outcome of their investigation. My business have been effectively suspended for the time being as I await their investigation which from information I gathered takes months to complete. Is this fair?

For those who wld want to accuse me of being a wailer pls go through my previous posts on nairaland to see I campaigned and voted for change but certainly not the type I witnessed or the one happening to me.

I believe businessmen need to speak out on what's happening to us at the airports else we risk losing our source of livelihood due to some draconian govt policies.

N/B
I have intentionally withheld some details in order not to compromise my case at the EFCC.

adconline:

Do your research first b4 u comment.. It makes us a better society.

http://www.punchng.com/news/cbn-bans-cash-deposits-into-domiciliary-accounts/

mascott:
I have long wanted to create a thread on this subject but thank God its here today.
There is a lot of ignorance on what actually goes on at the international airports and how it affects businesses especially importers.

The law states you have to declare any money above $10000, but strangely any cash declared above $10000 dollars is seized at the point of exit.

This is a direct consequence of the overzealous actions of the newly constituted presidential task force on currency trafficking at the airports.

Now am not talking because I heard from someone but because I've been a victim myself.

I normally source goods from Dubai for resale in Nigeria and have been doing it for over 5 years. For those who are familiar with Dubai travellers, you will note that most of us travel with cash as its cheaper and more convenient that transfers.

The normal routine is when i get to the airport, i declare the amount cos its always more than $10000 after which you are allowed to board.

What people don't realise is that the new CBN policy forbids payment of dollars into domiciliary accounts and also placed embargo on international transfers due to concerns about money launderers.

Now I was supposed to make my latest trip sometime last week but was unaware of this new task force guys.

Upon arrival, I declared the cash on me to the custom guys($54,000). I was then taken to a room upstairs where I was told I couldnt travel cos I have more than the allowed $10000. I asked why and they said it was an administrative change within. To my greatest consternation I was also informed my cash have been seized and that I wouldnt be allowed to make the trip cos I was under arrest and would be taken to the EFCC immediately.

I asked why that was the case since I declared on arrival and I was told the new mandate given to them from Abuja was to impound any cash above $10000 whether declared or not.

In fact we were four in total held for the same offence that day and everyone of us declared our cash on arrival but the cash was impounded and after some little delay we were all bundled to the EFCC office on Awolowo road Ikoyi.

As am speaking to you now my cash hasn't been returned as I was released on bail pending the outcome of their investigation. My business have been effectively suspended for the time being as I await their investigation which from information I gathered takes months to complete. Is this fair?

For those who wld want to accuse me of being a wailer pls go through my previous posts on nairaland to see I campaigned and voted for change but certainly not the type I witnessed or the one happening to me.

I believe businessmen need to speak out on what's happening to us at the airports else we risk losing our source of livelihood due to some draconian govt policies.

N/B
I have intentionally withheld some details in order not to compromise my case at the EFCC.

Ramnon2:


There are so many news flying around me. Not easy to keep track of those not affecting me directly. Fyi, I sent $s recently into my dorm account from Wells Fargo Bank w/out any issues. So it does seem like the policy does not affect remittances from abroad.

Ramnon2:

Thanks, but you answered only a part of my question. Still does not negate the fact that carrying 100K in cash to a foreign land may be an issue. Would they not be declaring it in their destination? I am a frequent international traveler ( not a trader, and I use credit cards for all travels) and that question is recurrent in Customs declaration forms on entry into most countries.

bnovative:

Go and read the post by masscot. it's just few posts before yours.

adconline:

Naija doesn't care how much that is coming in but it cares when Naija citizens now carry those funds around in Naija not at the airports... We love to invent idiocy!!

TroubadourM:


I read his post, since he couldn't pay those dollars into the bank, and shouldn't carry them with him (declared or not), how was he supposed to swiftly carry on his business. Nobody told us how much dollars went to mecca earlier this month, dem dey craze to raid holy airports & search em holy planes??

funkiebully:
[s][/s]


Red oil gulping bastard. What do u know about business? Useless fetish ritualistic raping coward.

Clear from road let reasonable ppl discuss serious matter.

Anumpama!

otiigba1:
very unfair indeed, do every thing legal within your power to get your money back. And don't leave it too long.

HungerBAD:
Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

Ramnon2:


On the bolded: Even with cash? Interesting to know, but still wont make the mistake of carrying large cash amounts. You cannot trust the custom/efcc not to attempt to intimidate you. I'd rather pay all the bank fees and have my money safe.

adconline:

The point is, that govt agencies raided BDCs inside a market in search of dollar.. It's not illegal to carry foreign currencies arround, but it's illegal not to declare anything from $5k if u are traveling outside the country.

adconline:

Good luck with that. Banks don't accept $£€ deposit domestically, u have to carry it across Sambisa forest to deposit it in Cameroun and then wire it to ur Naija account. Good luk beating Boko Haram and Customs!!

rusher14:

You do realise these guys were caught at the airport.

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.

Ramnon2:


The other question was from the traders perspective. Do they risk their undeclared or partially declared money being seized in the destination or would they then truthfully declare the full amount? If they would do the later, why not begin from Nigeria? After all, it is okay to have more than 10K, as long as you declare everything, yes?

Ramnon2:


Speaking of bringing in, not taking out money.

mascott:
I have long wanted to create a thread on this subject but thank God its here today.
There is a lot of ignorance on what actually goes on at the international airports and how it affects businesses especially importers.

The law states you have to declare any money above $10000, but strangely any cash declared above $10000 dollars is seized at the point of exit.

This is a direct consequence of the overzealous actions of the newly constituted presidential task force on currency trafficking at the airports.

Now am not talking because I heard from someone but because I've been a victim myself.

I normally source goods from Dubai for resale in Nigeria and have been doing it for over 5 years. For those who are familiar with Dubai travellers, you will note that most of us travel with cash as its cheaper and more convenient that transfers.

The normal routine is when i get to the airport, i declare the amount cos its always more than $10000 after which you are allowed to board.

What people don't realise is that the new CBN policy forbids payment of dollars into domiciliary accounts and also placed embargo on international transfers due to concerns about money launderers.

Now I was supposed to make my latest trip sometime last week but was unaware of this new task force guys.

Upon arrival, I declared the cash on me to the custom guys($54,000). I was then taken to a room upstairs where I was told I couldnt travel cos I have more than the allowed $10000. I asked why and they said it was an administrative change within. To my greatest consternation I was also informed my cash have been seized and that I wouldnt be allowed to make the trip cos I was under arrest and would be taken to the EFCC immediately.

I asked why that was the case since I declared on arrival and I was told the new mandate given to them from Abuja was to impound any cash above $10000 whether declared or not.

In fact we were four in total held for the same offence that day and everyone of us declared our cash on arrival but the cash was impounded and after some little delay we were all bundled to the EFCC office on Awolowo road Ikoyi.

As am speaking to you now my cash hasn't been returned as I was released on bail pending the outcome of their investigation. My business have been effectively suspended for the time being as I await their investigation which from information I gathered takes months to complete. Is this fair?

For those who wld want to accuse me of being a wailer pls go through my previous posts on nairaland to see I campaigned and voted for change but certainly not the type I witnessed or the one happening to me.

I believe businessmen need to speak out on what's happening to us at the airports else we risk losing our source of livelihood due to some draconian govt policies.

N/B
I have intentionally withheld some details in order not to compromise my case at the EFCC.

bnovative:

Exactly my point.
I posted earlier that the culpability of the traders was not the
point that caught my attention, but going
to the market to arrest the dealers.
Except you will feign ignorance, majority
of operators of bureau de change outside
existing monetary regulations are
northerners. why pick on onitsha?
couldn't it have been enough to
confiscate the money and prosecute the
traders than go to harrass the dealers? i
have been directed several times by
bankers in the bank to this black market
dealers; it's no secret. If efcc want to do a
sincere job, why not go to these known
black market spots, from the north to the
south?

Truckpusher:
Could you please highlight on this window of opportunity that genuine business men can employ with a verifiable fact attached?

Thanks.

Darlduchi:
As someone rightly said, it is all part of the wider plan to stifle the people of the EAST. Has there been any time in History where these traders where arrested and their currencies confiscated for failure to declare their currencies, over USD10000? Why have they suddenly become dumb in Nigeria where the law is interpreted and reversed upside down.

Because it is a Nigeria law does not make it internationally acceptable. Since when has the world reduce the standerd TA from USD10000 to USD5000.

Sadly some so call called Christians and people of the EAST born outside of the EAST has failed to see that if the North will kill thousands of innocent men and women, bomb churches and market places, set up Fulani and boko Haram to kill and destroy, plot Buhari's own assassination which led to the death of over 100 people just to rustle power from the EAST, WHAT ELSE WILL THEY NOT DO??

adconline:

Put things in perspective, so u want to bring in goods wortj of $50k into Naija, it's going to take u 10 trips abroad...

petikal:


Why make any trip just to pay for goods? Note, I said just to pay, not other reasons.

Again I ask, why can't you pay your seller through wire transfer? Naira to whatever currency?

adconline:

Pls how can u pay with bank transfer when your dom account if not funded because your bank doesn't accept $€¥ in ur dom account?
Your bank-issued debit card transaction daily limit is $300 equivvalent...it's going to take u 166 days-5-1/2 months to pay off ur invoice

Ramnon2:


On the bolded: Even with cash? Interesting to know, but still wont make the mistake of carrying large cash amounts. You cannot trust the custom/efcc not to attempt to intimidate you. I'd rather pay all the bank fees and have my money safe.

petikal:


What's stopping you from legally converting that $50K to Naira and conducting your wire transfer? You can still do that, can't you?

erico2k2:

apparently not u forgot form M.

philips70:


Please read the two attachments carefully.

Thanks