The Central Bank of Nigeria, CBN, says it will collaborate with relevant agencies to discipline anybody who is involved in foreign currency trafficking across Nigerian borders.

The bank said this in a statement issued on Sunday in Abuja, signed by Ibrahim Mu’azu, the Director of Corporate Communications of the bank.

“The CBN notes with concern the increasing trafficking of huge sums of foreign currency across our borders.

“This practice is in defiance of the extant dictates of Section 2, Sub-section 3 to Sub-section 5 of the amended Money Laundering Prohibition Act of 2011,’’ the statement said.

The statement said that the apex bank insisted that transportation of cash or negotiable instruments in excess of 10,000 dollars or its equivalent by individuals in or out of the country should be declared to the Nigerian Customs Service (NCS).

It added that the NCS should report any declaration made pursuant to Sub-section 3 to the CBN.

It also said anybody that failed to make appropriate declaration might forfeit the undeclared funds or negotiable instruments or risk imprisonment of not less than two years or to both.

“The CBN will investigate the source of fund and seek justification for the possession of such volume of cash to ensure that no money laundering activity was involved.

“Those affected will also be expected to provide evidence of payment of taxes and duties related to the cash transaction,’’ the statement quoted the CBN as saying.

According to the statement, the apex bank will collaborate with other relevant regulatory and security agencies and will apply appropriate sanctions and penalties for contravention of the provisions of this act.

(NAN)