Nigeria is stepping up its crack down on illegal currency movement across borders with hundreds of millions in naira and foreign currencies confiscated each year
Officials from the Nigeria Customs Service (NCS) say many of those caught lack knowledge of the laws binding movement of currencies
Along with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), authorities are now focused on prevention as a key element in enforcement
In 2025, the Nigeria Customs Service intercepted $1.154m and 135,900 Saudi Riyals as undeclared foreign currency at the Mallam Aminu Kano International Airport, which is higher than the approved threshold when traveling in or out of the country.
But these are just the known figures. It is estimated that several millions in naira, dollars and other foreign currencies pass through Nigeria’s border points on a daily basis.
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With terrorism financing on the rise, authorities are worried that this may pose serious security threat to the country
This is why law enforcement agencies are tightening the noose on those involved in movement of currencies across borders.
Regulators are also concerned that as illicit funds find their way across the borders, it undermines the anti-money laundering act
Bureau d’change operators who were part of the meeting blame ignorance for failure to make declaration of the currencies by travelers
(Editor: Paul Akhagbemhe)
