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NCS to Introduce E-Currency Declaration Form to Check Money Laundering

An electronic system that would monitor cash movement among travellers would also be useful in sharing information.

Nigeria Customs is introducing an e-currency

Christina Ngene

22 days ago

The Nigeria Customs Service (NCS) is set to introduce an Electronic-Currency (E-Currency) Declaration Form, an anti-money laundering tool developed for processing cash coming into and leaving Nigeria.

The News Agency of Nigeria (NAN) reported that the NSC spokesperson, Abdullahi Maiwada, shared this information in an interview on Thursday in Abuja.

“We have developed a system where, 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 said.

More so, any currency exceeding the legal threshold, which is about $10,000 (about N15.4 million) ( or its equivalent in negotiable instruments) on arrival or departure from Nigeria will be declared using the form.

NAN reports that the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023 mandate that travellers must declare any excess currency to the NCS.

The NCS is yet to deploy the e-currency.

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