The Nigeria Customs Service is preparing to launch an electronic system to streamline the declaration process for travelers carrying significant amounts of cash into or out of Nigeria.

In an interview on Thursday, NCS spokesperson, Abdullahi Maiwada stated that this initiative aims to strengthen the country’s anti-money laundering framework and improve compliance with financial regulations, according to NAN.

“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 travellers carrying cash into and out of Nigeria,” Maiwada stated.

“Maiwada said that the form was designed to help travellers declare any currency exceeding the legal threshold before arrival or departure.”

Maiwada explained, “We’ve developed a system where, even before departing from your origin, you can scan a QR code, access the form, fill it out, and we can view it here.”

He noted that this system will be rolled out soon, aiming to improve monitoring and facilitate better information sharing with the relevant authorities.

The Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023 require travelers carrying over $10,000 (approximately N15.4 million) or its equivalent in negotiable instruments to declare it to Customs authorities.

Maiwada mentioned that the NCS is working with airline operators to raise awareness of this requirement through announcements and plans to reintroduce signage in both English and French at airports and border points.

With the new electronic declaration system, the NCS aims to enforce stricter compliance with international financial standards and strengthen Nigeria’s efforts to combat money laundering.