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Daily Law Tips

10 Oct 2018

DAILY LAW TIPS by Onyekachi Umah,Esq. (Tip 202) “It Is A Crime To Make A Cash Transaction Of A Sum More Than Five Million Naira In Nigeria”.

DAILY LAW TIPS
by Onyekachi Umah,Esq.
(Tip 202)
“It Is A Crime To Make A Cash Transaction Of A Sum More Than Five Million Naira In Nigeria”.

No individual person in Nigeria is allowed to pay or accept cash payment of any sum more than Five Million Naira (N5, 000,000.00) or its equivalent. In the case of a corporate being (Companies, Incorporated Trustee and Registered Businesses) they cannot accept or make payment of any sum more than Ten Million Naira (N10,000,000.00) or it it’s equivalent. Note that, Individuals and corporate bodies can make or accept such sums and above, where such transaction is carried out through a financial institution.

My authority is section 1 of the Money Laundering (Prohibition) Act, 2011 (As Amended).

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