what is d connection between them. that is how battle begins

EFCC is the most corrupt institution in Nigeria because they walk against the enemies of the government in power

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.

Seconded......

philips70:


The policy came with a window that genuine business men can employ. Nigerians and their penchant for illegality and short cuts are Siamese twins. What do we bear the name giant of Africa for if we cannot do things in a civilized manner? Even before the new policy these people were still traveling with huge cash.

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

Thanks.

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

It has always been a crime to travel with very large amount of money whatever currency. However you are expected to declare what you have on you. But in Nigeria things had become "stupidly loose".

Pls dont let us use tribal sentiments, remember they seized Fela Anikulapo's Foreign currency in the 80's at the airport then for money laundering... The policy has always been there! Pls let us be civilised! Thanks.

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.

The way you reason... Na wa o

themilanway:


Shut up or migrate to Kenya

we have seen more than this and we are ready to neutralise every rubbish they trow at us. This is what you get when u share the same country with sub-humans

Most Traders travel with raw cash to foreign countries like China because it reduces cost, it makes trade faster for them and some other reasons. Their money should be returned to them immediately. They should explain the new policies better to them and make sure this policy is better than the way they operated under the last administeration. I know that traders where very comfortable doing business under Jonathan and i am saying this as someone who had stayed some months in main market and has a relative that import wears from China.

these dudes probably already had their dollars in cash before cbn introduced the policy that commercial banks should no longer accept dollar deposits. so there is no way these traders can deposit these funds into their domicilary account in order to transfer to their business associates outside the country. how do you expect them to cope? government should think twice before introducing policies that could become injurious to the masses

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.

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

Must you go against the law of the land because you want to boost the economy. The days of impunity are over in Nigeria, let the so called politicians try this time around.

niversally, 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.
(Quote) (Report) 17 Likes (Like) 1 Share (Share)

If I may ask. Does Nigeria hv a law?.

lincolnj88:
igbo would be the target of this admin

and I hope so.

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.

that policy has been there since before PMB came into power

themilanway:


Shut up or migrate to Kenya

Kenya is a hundred times better pace than that zoo you call country, Kenya has a very civilized society, constant electricity and a lot of things which the zoo can only dream of, my cousin travelled to there from Gabon (I am in Gabon right now, we take electricity and pipe borne water for granted over here BTW) he came back looking fairer in complexion because no to much sun to burn the skin as in the zoo, you know a young traveller is better and wiser than an old villager. Travel bro travel just around Africa you will see how good these countries are.

emmalexabl:



Those guys are working hard to better their lives and that of their loved ones..
Am sure you are a jobless yoruba fool hating on hardworking igbos for no just reason..

you will die for nothing, hardworking in fraudulent buz ko?

Good one

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

missing person.

lincolnj88:
igbo would be the target of this admin

I am an igbo. The law said if you are carrying anything above 10,000 just declare it to the custom at the airport. If you refuse to declare it and you are caught the money becomes property of the goverment. There is also a jail term attached to it.
They would have simply declared the money at the airport and move on.
America, uk etc have similar law.

Is nw fr government to tell me the amount of goods I will buy wit my money? If I hav need fr goods worth 20k dollars fr my shop, the government will tell me NO! I must reduce it to 5000k imgine that! They even called it money-laundering, instead of them to go after politicians, they chasing innocent traders who suffered to make sometin out of nothing.
This stupid measures will nt turn the economy around it can only make tins worst, if they want the ZOO economy to grow then they hav to encourage local producers to produce export standard,by so doing mass IMPORTATION will die a natural death. Anyway I dnt blame them no be AB.OKI the head government what does he knw rubbish! #vegatalks

They can legally convert that money at the bank, and do money transfers at the official rate to wherever they wish. That's how civilized countries do it. That's one of the ways currencies and economies are strengthened - through transparent transactions and accountability!

Quit complaining, people, and do the right thing. We all have our little parts to play to stir this country right!

rush14 what did you think the bank will do in this situation? already bank no longer transfer money,for importer who wants to import for instance 12 units of Range Rover sport 2015 model giving the fact that banks no longer transfer money how is he going to do it? is not as if the are sneaking with the money they thing is the moment you declared more than $5000 the sized it

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

some traders are greedy. They can even agree to help looters and politicians smuggle looted funds out of the country under the guise of importation of goods.we won't blame our security agencies. Some mistakes are allowed in the bid to recover our stolen common wealth.

Nawao 4 dis kind government..but EFCC can't go to aminu kano international airport to seize dollas

noted

I

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.

Offering ignorant opinion from your abundance of misinformation.. Carrying cash is not a crime in most countries unless you are traveling outside and fail to declare security agencies.. Raiding a market for FX is pure entrenchment of illegality. There are govt registered BDCs, what is their job?? CBN stopped banks from taking FX without notice, how will business folks cope?! Staccato manner of banning everthing without notice and alternative is no policy!!

cocoduck:
Kenya is a hundred times better pace than that zoo you call country, Kenya has a very civilized society, constant electricity and a lot of things which the zoo can only dream of, my cousin travelled to there from Gabon (I am in Gabon right now, we take electricity and pipe borne water for granted over here BTW) he came back looking fairer in complexion because no to much sun to burn the skin as in the zoo, you know a young traveller is better and wiser than an old villager. Travel bro travel just around Africa you will see how good these countries are.

I don't have time nor the patience for kids like you this morning.

Run along.

zuchyblink:
those people are self made business men and not Yorubas that steal from the government to become rich(state made business men) Yorubas and hausa-fulanis are the original thieves and fraudulent people in Nigeria.
OBJ,tinubu,abacha,buhari,babangida,gowon and all the famous looters in Nigeria are non-igbos

its really a pity you are this dull.