Nigeria Customs Service Introduces Electronic Currency Declaration System

Source: Africa Publicity

The Nigeria Customs Service (NCS) is set to launch an electronic currency declaration system to enhance the process of travelers declaring cash carried into or out of Nigeria. This initiative aims to strengthen Nigeria’s anti-money laundering framework and improve compliance with financial regulations.

According to NCS spokesperson Abdullahi Maiwada, “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 travelers carrying cash into and out of Nigeria.”

The system allows travelers 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. Maiwada explained, “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.”

Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers 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.