16/05/2026
A lot of Nigerians still pay CASH when buying land, houses, and cars without realizing the risk involved.
But hereβs the truth: itβs not just riskyβ¦ it can also be ILLEGAL.
Under Section 22 of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, cash payments for landed properties, motor cars, and securities are prohibited. Payments are expected to be made through a Nigerian bank β either by transfer or cheque.
Why does this matter?
Because once you pay cash:
β’ There may be no proper proof of payment
β’ Fraud becomes easier
β’ The seller can deny receiving the money
β’ Authorities can investigate the transaction
β’ You could even face legal consequences
A lot of people lose their hard-earned money simply because they wanted to βmake payment quickly.β
Donβt risk your life savings for convenience.
Before buying any property or vehicle:
β
Pay through a bank transfer
β
Use a cheque from a Nigerian bank
β
Make sure the account name matches the sellerβs documents
β
Collect receipts and save every payment confirmation
Protect your money. Protect yourself.
Too many people are one bad transaction away from losing everything. Share this video β someone genuinely needs this information today.
RealEstateTips