When embarking on international travel, the goal of ensuring that one does not lose money often leads to two distinct challenges: avoiding legal penalties (seizures and fines) and minimising financial loss (bad exchange rates and fees).
Various countries, including Nigeria, have rules on possession of cash, especially hard currencies such as dollars, Euros, and pounds sterling. These rules highlight conduct that is considered money laundering and other acts of illicit financial flow across borders.
Recently, the Nigeria Customs Service (NCS) announced that it intercepted undeclared foreign currencies worth over ₦2 billion at Murtala Mohammed International Airport (MMIA), Lagos.
At a press briefing on Tuesday, December 16, Customs Area Controller, MMIA Command, Comptroller Chidi Nwokorie, said the money intercepted included €651,505 and $800,575.
According to Nwokorie, the seizure occurred at approximately 2 p.m. on Saturday, December 13, 2025, at the MMIA Departure Terminal 2, when a foreign expatriate scheduled to travel on Emirates Airlines to Dubai failed to declare the foreign currency in his possession.
The CAC stated that the act violates existing regulations requiring all inbound and outbound travellers to declare foreign currencies or negotiable instruments worth more than $10,000 or its equivalent. He clarified that the interception is in line with the Laws and Acts that empower and confer on the Nigeria Customs Service the right to prevent illicit financial flows and ensure strict compliance with anti-money laundering obligations at all borders.
“Carrying currency exceeding the legally approved threshold of $10,000 or its equivalent is not an offence. However, failure to declare, false declaration, or under-declaration of the prescribed amount constitutes an offence under the law,” he explained.
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Comptroller Nwokorie formally handed over the suspect, his international passport, and the seized currency to the Economic and Financial Crimes Commission (EFCC) for further action. The anti-graft agency, through its Assistant Commander (ACE II), Richard Adejumo, confirmed the takeover of the case and assured that a thorough investigation would be conducted to uncover those behind the alleged act of money laundering.
Foreign currency Reporting Threshold: Nigeria, U.S., others
Beyond the agencies’ suspicion of money laundering acts, there are concerns that many are not aware of the existing regulations requiring inbound and outbound travellers to declare foreign currencies in their possession that are worth more than $10,000.
In most countries, including the United States, the United Kingdom, and the European Union, there is no limit to cash carried across borders, but there is a reporting threshold.
In Nigeria, travellers must declare any physical cash or negotiable instruments exceeding $10,000 USD (or equivalent) when entering or leaving the country.
Section 3 (3) of the Money Laundering (Prohibition) Act 2022 says, “Transportation of cash or negotiable instruments in excess of US$10,000 or its equivalent by individuals in or out of Nigeria shall be declared to the Nigerian Customs Service.”
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Section 3 (4) stipulates that “The Nigerian Customs Service shall report any declaration made under subsection (3) to the Central Bank and the Unit” (Special Control Unit Against Money Laundering under the EFCC). Subsection 1 provides that a transfer of funds or securities by a person or corporate organisation exceeding $10,000 to or from a foreign country must be reported to the SCUML, Central Bank of Nigeria and Securities and Exchange Commission in writing within one day from the date of the transaction.
Also, Section 12 of Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act (FEMPA) mandates the declaration of large amounts of foreign currency, more than $10,000 or equivalent, to the Nigeria Customs Service.
Subsection 3 (5) of the MLP Act says anyone who falsely declares or fails to declare such an amount of foreign currency to NCS, “commits an offence and is liable on conviction to forfeit the undeclared funds or negotiable instrument or to imprisonment for a term of at least two years or both.”
Pinnacle Daily recalls that NCS had, in July, warned that it remains committed to enforcing Nigeria’s regulations on currency declaration. The warning came after the service intercepted a large sum of undeclared foreign currency brought into Nigeria by a passenger on a Saudi Arabian Airlines flight. The currency, totalling $1,154,900 and SR135,900 (Saudi Riyals), was reportedly concealed within palm-date fruit packs.
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NCS subsequently conducted a sensitisation exercise for international airline operators at the Nnamdi Azikiwe International Airport, Abuja, on the importance of enforcing the currency declaration laws among inbound and outbound travellers.
The service stressed that airline personnel should always remind passengers about the declaration requirements through in-flight announcements, form distribution, and assistance during customs procedures.
In the United States, travellers are also required to declare to Customs and Border Protection (CBP) foreign currency and monetary instruments of more than $10,000. While no tax is collected from the individual for carrying the cash, failure to declare can result in seizure and civil or criminal penalties.
The rule in the U.S. applies not just to physical cash but also to monetary instruments such as traveller’s cheques, Cashier’s cheques, promissory notes, money orders, Bearer bonds and securities in bearer form.
Also, the United Kingdom has a rule that inbound and outbound travellers must declare cash of £10,000 or more to UK customs. Travellers are required to make such a declaration online through the UK website at least 72 hours before travel or at ports via red channels.
Failure to make the declaration could lead to seizure, fines, or even prosecution.
How to declare foreign currencies
In the U.S., travellers are required to report the amount on a Customs Declaration Form (CBP Form 6059B) when entering the U.S. Additionally, they must file a Report of International Transportation of Currency or Monetary Instruments (FinCEN Form 105). This can be done electronically before travel or in paper form with a CBP officer at the time of arrival or departure.
Penalties for non-compliance in the U.S. include confiscation/forfeiture, substantial fines (up to $500,000) and Criminal charges, which can result in imprisonment for up to 10 years.
The U.S. Customs and Border Protection says the requirement applies whether you are travelling for business, sending money abroad, or bringing savings back home.
In Nigeria, the Customs Service has an electronic currency declaration form that travellers must complete and submit.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
