Customs Seize N653 Million in Foreign Currency at Aminu Kano International Airport

• Operators of Kano's Bureau De Change expressed concern over the recent seizure of over ₦653 million in unreported foreign currency by the Nigeria Customs Service (NCS)
• Dr. Sadik Muhammad Abdulhamid stated that many BDC members have suffered health issues as a result and appealed to Kano State Governor Abba Kabir Yusuf and President Tinubu for intervention
• In response, the NCS defended the seizure, citing the Money Laundering (Prohibition) Act, which mandates the declaration of funds exceeding US$10,000.

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Operators of Kano's Bureau De Change (BDC) expressed concern about the authorities' recent seizure of foreign monies that had not been declared.

The Nigeria Customs Service (NCS), Kano/Jigawa Area Command, recently seized more than N653 million in unreported foreign currency at Aminu Kano International Airport (MAKIA), according to Daily Trust.

Dr. Sadik Muhammad Abdulhamid responded to the news by stating that members of the Bureau De Change business community had experienced severe health issues as a result of the move. However, in response to their comments, the NCS stated that the authorities had acted legally.

Section 2 (subsections 3-5) of the Money Laundering (Prohibition) Act 2011 (as amended) states: "Transportation of cash or negotiable instruments in excess of US$10,000.00 or its equivalent by individuals in or out of the country shall be declared to the Nigeria Customs Service."

In an effort to enforce the money declaration rule, the NCS has increased its surveillance at several entry points in recent years.

"Honestly, many of us are in a tight situation. Some have developed serious illnesses — hypertension, and others are currently bedridden due to what happened," Abdulhamid said.

He urged Kano State Governor Abba Kabir Yusuf and President Bola Ahmed Tinubu to intervene and resolve the issue, emphasizing that the money was acquired legally and that the operators were only helping Kano nationals employed overseas.

"I am appealing on behalf of those who were arrested on money laundering allegations at Aminu Kano International Airport, in up to three separate batches. We are appealing to President Bola Ahmed Tinubu, Governor Abba Kabir Yusuf, and all other relevant stakeholders to come to the aid of the Bureau De Change operators whose money was intercepted."

"Of course, there was a mistake in not declaring the funds before bringing them in. But I want to assure everyone that it was legitimate money. What really happened is that we were just helping our brothers and sisters working abroad, especially in Saudi Arabia."

"When they want to send money back home, our people collect it in exchange. The Nigeria Customs Service intercepted the money and handed it over to the Economic and Financial Crimes Commission (EFCC). We appreciate the way they are working, but we want to assure them that the money was legitimately earned and does not belong to a single person, but to many people."

Customs Reacts

In response to their request, Abdullahi Maiwada, the Nigeria Customs Service's National Public Relations Officer, said the Customs agency had seized the foreign money in accordance with the law.

"The Nigeria Customs Service acted on intelligence to intercept the amount at the Mallam Aminu Kano International Airport in Kano. The law states that if you are travelling with cash above $10,000, you must declare it, which they did not. We seized the money and handed it over to the appropriate authorities."

"If anyone knows they are not using foreign currency to finance crime or terrorism, why are they afraid to declare it in line with the law?" he said.

CBN slashes customs exchange rate

Legit.ng reported that the Central Bank of Nigeria (CBN) has slashed customs exchange rates for importers clearing goods at the ports.

According to data from Nigeria's trade portal, importers looking to clear goods will pay N1,579.941 per dollar from Monday, May 26, 2025.

The latest rate represents a 1.14% or N18.28 reduction compared to the N1,598.22/$ exchange rate quoted on Monday, May 19.

Source: Legit.ng