July 6, 2015 
The Central Bank of Nigeria (CBN) yesterday said it would investigate travellers breaching the rule by moving more than $10,000 in cash or negotiable instruments across the nation’s borders.
CBN Director, Corporate Communications Ibrahim Mu’azu said in a statement that henceforth, the transportation of cash or negotiable instruments in excess of $10,000 or its equivalent by individuals in or out of the country shall not be allowed unless such funds are declared at the borders.
Mu’azu said those that go contrary to the law would have to forfeit the undeclared funds or negotiable instrument or would be imprisoned for a term not less than two years or both.
He expressed CBN’s concerns on the increasing trafficking of large amounts of foreign currency across the borders.
The CBN director said the practice was against Section 2 (subsection 3 to 5) of the Money Laundering (Prohibition) Act 2011 (as amended).
The law, he said, stipulates that transportation of cash or negotiable instruments in excess of $10,000.00 or its equivalent by individuals in or out of the country shall be declared to the Nigerian Customs Service (NCS).
The apex bank’s spokesman added that the NCS shall report any declaration made pursuant to subsection (3) of this section to the Central Bank of Nigeria.
“Any person who falsely declares or fails to make a declaration to the Nigerian Customs Service pursuant to section 12 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, F34, LFN, 2004 is guilty of an offence and shall be liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonments to a term of not less than two years or both,” he stated.
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Na today?