$11bn cash taken abroad through Nigerian airports — Sanusi
November 16, 2012 by Okechukwu Nnodim 14 Comments

CBN Governor, Sanusi Lamido Sanusi

The Governor, Central Bank of Nigeria, Mr. Lamido Sanusi, has said that about $11bn (N1.73tn) has been taken out of the country through the airports this year, a development he describes as worrisome.

Sanusi, while speaking at an event organised by Bank Directors Association of Nigeria in Lagos on Thursday, wondered why many Nigerians now preferred carrying out transactions with the United States dollar at the expense of the local currency, the naira.

According to him, the dollar is becoming the country’s second currency based on its usage, adding that the central bank’s aim for contemplating the introduction of the N5,000 bill was to address the development.

He said, “In this country, almost everybody uses the dollar. This year alone, the records we have based on the declared amount at the airports is getting to about $11bn in cash that was taken out of Nigeria.

“Why would anyone walk out of an airport with $5m? Well, they will say is because the law has made it clear that you can take any amount so long as you have declared it and I cannot stop you. These are some of the issues we wanted the introduction of the N5,000 note to address.”

Sanusi said the planned introduction of the N5,000 bills was part of a thought process aimed also at driving the cash-less policy initiative.

He said, “If people want to carry N15m, they go to Bureau De Change and change it into dollars. You give them $100,000 and that is about N15m. The dollar has become a second national currency. Barely two months ago in Zambia, the nation passed a law stating that anyone who refuses to accept its local currency and who charges for a transaction in a foreign currency goes to jail for 10 years.

“But you come to Nigeria and you see people paying their children’s school fees in dollars. We laugh about this but it is an important issue. Can you go to America and buy something using pounds sterling? Or you go to Tokyo and use dollar and see if the hotel will accept the currency? Before they will transact with you, you must change it into their local currency.

“So, this is a problem, and it is apart from the fact that we are in a country where monetary and economic policies have been subjects to popular vote. In fact, it is not an election! If I want popular vote, I will go and contest for the chairman of a local government. Everybody is an economist, a central bank governor and many more.”

http://www.punchng.com/news/11bn-cash-taken-abroad-through-nigerian-airports-sanusi/

Abeg my hear word jare! Who takes such huge sum outside Nigeria? Isnt it the politicians?. What stops him from advoctating for such law as in zambia.

11 million dollars? Maybe they wan go buy LONDON with that money. Smh!

Nice

.and so?!

caseless: 11 million dollars? Maybe they wan go buy LONDON with that money. Smh!

BILLION

obadiah777: BILLION

thank u o jare, was abt correcting the poster too

oww hin take know,dis guy sef.

Africa, africa all I am saying is TRY AGAIN.
Nigeria is becoming a dollarized economy if truly people are paying for their child school fees in dollars. He went far to give Zambia has an example though it has been changed by their constitution not to transact biz in dollars. Ghana is one country where I c the economy is finished as ever. A country where for you to rent a house or transact biz, one needs to pay in dollar or as they put it 'cedi equivalent'. Its not too late africa, we can still TRY AGAIN!

more money to leave the country with this new craze for purchasing and ownership of private jets.
sanusi shouldn't come out now to cry more than the bereaved when he actually knows whats up.

Na [size=28pt]$[/size]11billion dis tym around,no b naira

Sanusi, are u crazy?? How dare you say nearly everyone in Naija uses Dollar?? You people are now completely alien to the reality on ground. U don kolo pata pata because me never see dollar since 5 years now. Shio

5k bill indeed will slove what..WTF.. Revalue our currency,not introducing high denomination to devalue it.i dnt knw y we hav great mehn and women here in naija,..well great,but not active,only the talking type citizens...

dannywest: Nice

ya charming.em mr gov names pls

Minion: My King! The man is angry, everybody prefers the Dollar to the Naira
Hades: Why would anyone like the Naira over the Dollar? What place does stones have among Diamonds?!
Minion: My Lord! Your wisdom is truly fit for a god

Helping a politician carry money out of the country is one of the fastest ways to become a millionaire. I've done it once but wouldn't try it again. Not only is it stressful, but they can hold your family hostage if the money doesn't get to its destined location.

So many young girls and boys are used as pawns to move money out of Nigeria. To all aspiring money movers, if you don't want your family dead, deliver the cash.

Really tired of this country...

Why don't the banks and the country switch to dollars and ditch the Naira as national currency?

WHER ARE THE SCAPEGOATS ND WHAT HAPPENED TO THEM.

obowunmi: Helping a politician carry money out of the country is one of the fastest ways to become a millionaire. I've done it once but wouldn't try it again. Not only is it stressful, but they can hold your family hostage if the money doesn't get to its destined location.

So many young girls and boys are used as pawns to move money out of Nigeria. To all aspiring money movers, if you don't want your family dead, deliver the cash.

Seriously this mallam is madt! He only gives us the pros of a policy he wanted to implement badly but not the cons. What in the world will make him assume that the dollar has become more common in a country that has unemployment status of 60-80% among its graduates? If i may ask who are in possession of the said dollars if not the same political class who has been laundering our national till with utmost impunity? The mallam hasn't told us about how it wil be easier for the top class to use the new note to increase their senselessness towards our national vault.

By who?

Am going to Dubai for Xmas, any politician has $100B I can move across for 15% cut ? Latest deal in town. Bad for our economy

Ikwere fist son: ya charming.em mr gov names pls

At times its legitimate and they just want to avoid transfer charges, Nigerian banks are shylocks

Redmosquito: Minion: My King! The man is angry, everybody prefers the Dollar to the Naira
Hades: Why would anyone like the Naira over the Dollar? What place does stones have among Diamonds?!
Minion: My Lord! Your wisdom is truly fit for a god

What d fvck are u always talkin about? :-/

The problem with this country has is corruption... Why would anybody need to take 100 thousand dollars out of the country if he is not a politician who has stolen the money? Even if you have a single denomination of 50,000, people will not be taking the currency out of the country to spend as nobody.will accept it outside the country. It is only the dollar that the politicians can spend outside the country. So the argument of the Gov of the Central bank holds no water.

That is on sanusi's watch and yet he reported with impunity. Only in Nigeria no where else. Mugun mola only clamouring for posts, will he tell us there are no instruments and policies to checkmate this kindof crime. Mchieew.

what is the fuss all about?

And the stewpid scammers are moving back in billions of dollars

I dont know what sanusi is on about, is Naira accepted outside Nigeria?

chinnyonwu:
What d fvck are u always talkin about? :-/

he's talking to his king/god, Hades-greeks god of the sea