The Nigeria Customs Service (NCS) is set to launch an electronic cash declaration system. This initiative aims to enhance compliance with financial regulations for travelers carrying cash into or out of Nigeria.
According to Abdullahi Maiwada, NCS spokesperson, travelers can now scan a QR code, access the declaration form, and submit their details even before departing from their point of origin. The system is designed to improve monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering Act 2022 and the NCS Act 2023, travelers must declare amounts exceeding $10,000 or its equivalent. The NCS is collaborating with airlines to raise awareness through onboard announcements and signage at airports and border points.
This move follows a recent case where $578,000 was seized from a passenger at the Murtala Muhammed International Airport for false currency declaration. The electronic system is part of broader efforts to bolster Nigeria’s fight against illicit financial flows.
