The Nigerian Customs Service (NCS) has announced its intention to introduce an Electronic-Currency (E-Currency) declaration form as a component of its strategies to counter money laundering, specifically targeting travelers transporting cash into and out of Nigeria.
This information was conveyed by the service’s spokesperson, Abdullahi Maiwada, during an interview with the News Agency of Nigeria (NAN) this Thursday in Abuja. Maiwada clarified that the form is designed to facilitate the declaration of any currency exceeding the legally stipulated threshold by travelers, prior to their arrival or departure.
It is noted that the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023 mandate that individuals traveling with amounts exceeding $10,000 (approximately N15.4 million) or its equivalent in negotiable instruments must declare such amounts to the NCS.
Maiwada elaborated that the electronic system will enhance monitoring capabilities by enabling the NCS to share information with pertinent authorities. “We have developed a system that allows travelers, even before departing their point of origin, to scan a QR code, access the form, complete it, and for us to view it from our end.
“The NCS is poised to deploy this system imminently,” he stated. According to Maiwada, the NCS is collaborating with airline operators to integrate announcements regarding the declaration requirement for sums surpassing the specified amount.
Maiwada emphasized that the NCS is intensifying awareness regarding money laundering regulations and reinstating airport signage in both English and French languages. He pointed out that recent currency seizures at airports and border crossings are attributable to heightened vigilance by the NCS.
“We have reinforced search operations at all airports, entry, and exit points identified as high-risk areas for currency movement.
“It is not prohibited to transport any amount of currency; however, when carrying amounts exceeding $10,000 or its equivalent, travelers are obligated to declare it. Failure to declare will result in legal action.
“At Kano Airport, a female traveler arriving from Saudi Arabia was apprehended with undeclared cash. Another incident at Nnamdi Azikiwe International Airport, Abuja, involved $193,000 concealed within a yogurt carton.
“We have also intercepted undeclared CFA currency at the Idiroko border,” he said. Maiwada further disclosed that the strengthening of cargo scanning points has been instrumental in detecting concealed cash.
“Variations in density observed in scanned images serve as indicators, prompting further physical inspection,” he explained. It is noted that the NCS recently intercepted undeclared 1.1 million U.S. dollars and 135,900 Saudi Riyals at Mallam Aminu Kano International Airport, Kano.
Through these measures, the NCS aims to bolster Nigeria’s financial integrity and contribute to efforts aimed at removing the country from international financial watchlists.
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