The Economic and Financial Crimes Commission (EFCC) has warned operators of Bureau De Change (BDC) and other business stakeholders across the country against illegal cash smuggling.
While emphasising the severe repercussions of non-compliance with Nigeria’s financial regulations, it said illicit cash movement undermines economic stability and fuels crimes such as money laundering, terrorism financing and corruption.
The Executive Chairman of EFCC, Ola Olukoyede, gave the warning in Kano at a joint sensitisation program organised by the Nigeria Customs Service (NCS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the EFCC to educate participants on legal protocols for cash movement across Nigeria borders.
Under the theme, “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede, who spoke through the Kano Zonal Director of the agency, CE Ibrahim Shazali, outlined the legal frameworks governing cash movements, including the EFCC Act (2004), Money Laundering (Prevention and Prohibition Act) 2022 and the Central Bank of Nigeria (CBN) guidelines.
He reiterated that individuals transporting cash exceeding $10,000 (or its equivalent) must declare it to the NCS, as failure to do so constituted a criminal offence.
