themilanway:


Shut up or migrate to Kenya

zuchyblink:
those people are self made business men and not Yorubas that steal from the government to become rich(state made business men) Yorubas and hausa-fulanis are the original thieves and fraudulent people in Nigeria.
OBJ,tinubu,abacha,buhari,babangida,gowon and all the famous looters in Nigeria are non-igbos

badnature:
@petikal are you leaving in Nigeria or equatorial guinea? you can not transfer money out side this country be it naira or foreign currency.if you are not informed about issues you keep quiet.most of you people have never travel out of this country,your not a business man so I don't expect you to understand what is going on in Nigeria.most of you people here of RECESSION on CNN but you don't have any idea what it is,but it coming

rusher14:
The policy doesn’t need to be reversed.

Everywhere in the world, for such bulk transactions, a bank needs to be involved.

It helps with currency tracking, reduces the possibility of such funds being used for illicit trading / terrorism. It also helps as a control against money laundering and other offences.

I believe the money should be returned to the owners once their authenticity is verified. They should also be mentored on how future transactions are to be undertaken.

The EFCC / CBN should also make it a point of duty to go on road trips to educate traders on transactions are expected to be carried out.

Commercial banks who need such funds by the way should see this as an avenue for marketing their various products.

kettykin:
There is tension in Onitsha Main Market, Anambra state as operatives of the Economic and Financial Crimes Commission (EFCC) stormed the market after arresting seven traders at the Enugu Interna­tional Airport for alleged money laundering

Sunday Sun gathered that the development sparked fears es­pecially among importers and operators of Bureau de Change in the market.
A source said the arrested trad­ers who were traveling either to China or Dubai were carrying with them dollars more than the stipulated approved amount for those traveling outside Nigeria, adding that some had $100,000, while others were in possession of $60,000. The officially al­lowed maximum travel allow­ance is $5000.

The source said that upon in­terrogation, the traders were said to have mentioned where they purchased the foreign currency in the market, hence the visit of the EFCC operatives to the Main Market to arrest the dealers.

It was also gathered that few weeks ago, it was gathered that the EFCC operatives at Akanu Ibiam International Airport, ar­rested some traders for allegedly being in illegal possession of for­eign currency above the stipu­lated amount.

Chairman of the Onitsha Main Market Traders Union (OMMA­TU), Chief Innocent Agudiegwu who confirmed the incident, said that the traders were arrested at the airport and brought to the market where it was ascertained that they were genuine traders and not money launderers.

He said seven traders were involved from different markets in Onitsha who were also con­firmed to be shop owners and genuine importers, traveling to buy goods.

Agudiegwu noted that they were not detained but their dol­lars and international passports were seized. He called on the EFCC to hasten the investigation and release the money and the passports to their owners.

confiscated 23 empty barges reportedly used for illegal oil deals.

According to the command­er of OPS, Major-General Al­ani Okunola, the products and the barges were seized during an anti-illegal oil bunkering operation at Tamunotonye Ama village in Ogu Bolo Lo­cal Government Area, Rivers State.

Alexander001:
banks can't transfer certain amount of money to china now. so, it's becoming somehow difficult for them to import.

Darlduchi:
As someone rightly said, it is all part of the wider plan to stifle the people of the EAST. Has there been any time in History where these traders where arrested and their currencies confiscated for failure to declare their currencies, over USD10000? Why have they suddenly become dumb in Nigeria where the law is interpreted and reversed upside down.

Because it is a Nigeria law does not make it internationally acceptable. Since when has the world reduce the standerd TA from USD10000 to USD5000.

Sadly some so call called Christians and people of the EAST born outside of the EAST has failed to see that if the North will kill thousands of innocent men and women, bomb churches and market places, set up Fulani and boko Haram to kill and destroy, plot Buhari's own assassination which led to the death of over 100 people just to rustle power from the EAST, WHAT ELSE WILL THEY NOT DO??

cooljude:
Most Traders travel with raw cash to foreign countries like China because it reduces cost, it makes trade faster for them and some other reasons. Their money should be returned to them immediately. They should explain the new policies better to them and make sure this policy is better than the way they operated under the last administeration. I know that traders where very comfortable doing business under Jonathan and i am saying this as someone who had stayed some months in main market and has a relative that import wears from China.

HungerBAD:
Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

themilanway:



I don't have time nor the patience for kids like you this morning.

Run along.

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

lincolnj88:
igbo would be the target of this admin

zuchyblink:
those people are self made business men and not Yorubas that steal from the government to become rich(state made business men) Yorubas and hausa-fulanis are the original thieves and fraudulent people in Nigeria.
OBJ,tinubu,abacha,buhari,babangida,gowon and all the famous looters in Nigeria are non-igbos

Ossyego:
Obasanjo is country band because of igbos and bubu is not traveling with money because of Igbos do tell how will someone going yo cop with this is pure wickedness u people hate Igbo we are not in government u people are we bez in business still u people wount leave us alone give us Biafra u people said know we go die for una God dey

HungerBAD:
Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

obstead200:
were they at the airport? Have they reached the airport and failed to declare there money?
This is just stupidity and incompetence on the part of EFCC. They are just using an excuse to extort simple business men.
But then, when will my igbo brothers learn? There are a lot of legit ways to send money out of the country for purchase of goods. Why must it be in cash?