The Nigeria Customs Service (NCS) is set to introduce an electronic currency declaration system to enhance the process of travellers declaring cash carried into or out of Nigeria.
NCS spokesperson Abdullahi Maiwada revealed this in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.
He explained that the initiative is part of efforts to strengthen Nigeria’s anti-money laundering framework and improve compliance with financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travellers carrying cash into and out of Nigeria,” the NAN report stated.
The system allows travellers to declare any currency exceeding the legal threshold before arrival or departure by scanning a QR code, accessing the form, and submitting their details before their trip.
“Even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here,” Maiwada explained.
Regulatory framework and compliance
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travellers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare it to Customs authorities.
To improve awareness, the NCS is collaborating with airline operators to make announcements on flights and plans to reinstate signage in English and French at airports and border points.
The electronic declaration system aims to ensure stricter compliance with international financial standards and bolster Nigeria’s efforts to combat money laundering activities.
The rollout is expected soon, with authorities emphasizing its role in enhancing monitoring and information sharing with relevant agencies.
