Huge foreign currencies being smuggled out through borders – CBN

Following the restrictions placed on importers of rice and other non-essential items from accessing foreign exchange from the nation’s foreign exchange market by the Central bank of Nigeria, CBN, the organization has revealed an on-going massive smuggling of foreign currencies out of the country through her bodies.

“The apex bank has noted the unwholesome practice of movements of huge foreign currency cash across Nigerian borders by individuals and corporate bodies without compliance to extant law of declaration to the appropriate authorities. The Bank is already collaborating with other relevant agencies of government to ensure compliance to the provisions of the law”, CBN said in a statement

According to a statement by the Director of Trade and Exchange, Mr. Olakanmi Gbadamosi, Bureaux de Change operators could sell foreign exchange worth $5, 000 per transaction but only for specific payments.


culled from Vanguard.