ABUJA — President Bola Ahmed Tinubu has signed an executive order limiting the amount of cash that Nigerians can carry out of the country to $10,000 per person per trip. This Day confirmed the order on Friday. The measure is designed to reduce illegal capital flight and protect Nigeria’s foreign exchange reserves.
The $10,000 limit aligns Nigeria with international Financial Action Task Force standards on cross-border cash declarations. Many countries require travellers carrying more than $10,000 to declare the amount at border points. Nigeria’s new order makes amounts above that threshold illegal to carry without special authorisation.
The CBN said the order will be enforced at all international airports, seaports, and land borders. Travellers found carrying amounts above the limit without authorisation will have the excess funds seized and may face criminal charges under the Foreign Exchange and Miscellaneous Offences Act.
Why Now
Capital flight has been a persistent drain on Nigeria’s foreign exchange reserves for decades. Nigerians carry significant amounts of cash abroad for personal use, education funding, medical treatment, and, in some cases, to circumvent banking regulations. The CBN estimates that hundreds of millions of dollars leave Nigeria annually in physical cash.
The order comes as Nigeria is working to defend its improved reserve position of $50 billion and to sustain the naira’s relative stability. Every dollar that leaves Nigeria illegally reduces the reserve buffer and the government’s capacity to manage exchange rate pressures.
Civil liberties advocates said the order must be implemented transparently and consistently to avoid targeting ordinary travellers while connected individuals find ways around the restriction. They called on the government to publish clear guidance on the authorisation process for those with legitimate needs to carry larger amounts.
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