By Adenike Lawal
The Economic and Financial Crimes Commission (EFCC) has warned Bureau De Change operators and business stakeholders to steer clear of illegal cross-border cash movements or face prosecution.
EFCC Chairman Ola Olukoyede, speaking through CE Ibrahim Shazali, Kano Zonal Director, at a sensitization program in Kano on Saturday, stressed that anyone carrying more than ten thousand dollars across Nigerian borders without proper declaration is committing a crime punishable by law.
He cited the Money Laundering (Prevention and Prohibition) Act, which mandates BDC operators to report suspicious financial dealings to the Nigeria Financial Intelligence Unit, warning that non-compliance threatens the nation’s economic stability.
The sensitization, held in collaboration with the Nigeria Customs Service and the Independent Corrupt Practices Commission, aimed to sharpen vigilance against money laundering, terrorism financing, and corruption.
Olukoyede lamented that despite strict regulations, many travelers and business operators still engage in illegal cash transfers, either ignorantly or deliberately.
He warned that culprits risk heavy fines, jail terms, and asset forfeiture.
“Compliance is not just a legal requirement; it is a patriotic duty,” he said, urging BDCs and travelers to prioritize national interest.
The EFCC, backed by the Central Bank of Nigeria, Customs, and ICPC, vowed to intensify crackdowns to fortify Nigeria’s financial system against illicit flows.
Meanwhile, the CBN’s new forex guidelines allow BDCs to purchase up to twenty-five thousand dollars weekly from a single authorized dealer bank, a move aimed at curbing market volatility and promoting transparency.