erico2k2:

You have not told me anybody or BDC who will buy pounds from U at 345..1999.that's when western Union began transfer to most Banks in Nigeria

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:

You have no clue what you are talking about................your emotions are beclouding your thought processes from this opening remark

Naija imports everything from crude oil produced in Naija. Don't blame folks blame govt for not fixing Naija for manufacturing........Now that Government is trying to fix you are whining

U still have to import machinery and tools for production...................You can still import these implements and source for forex through the official channels....go check the list of not valid for export....input to industries and machinery are not there

The problem is that govt treating business people as enemy.. .....Do you know importation is killing the economy...why do we import fish nd tooth pick? as far as I know those businesses that import fish toothpick, toothpaste, and products that have good local alternatives should be killed. Do you know Diesel businesses are dying due to improved power , I think it is a good thing for now

Banning and arresting legitimate business people are no strategy, what's govt plan?....Your emotions again have taken over, government is not banning and arresting legitimate people! Legitimacy is if you do things within the law. IS carry cash above the threshhold legitimate? I dont know what you want...Jonathan slept for one term and two years ...una complain....Buhari is acting and not sleeping u still complain...make up your mind about what u want

How come dollar hasn't depreciated against Naira get off nairaland and check news sites and the cbn website sheck the official and blackmarket rates from MAy to date and tell me if it is stable , lower or higher based on FACTS not what some grumpy , disgruntled person has told you .....not reading is a big problem for blacks