Dina Jihad Khali and Chamseddine Waell Mohammed, two Lebanese men, have been arrested by officials of the Nigeria Customs Service (NCS).
According to the NCS, they were found to be in possession of $890,000 cash while at the Port Harcourt International Airport.
The Lebanese nationals were apprehended while trying to board a flight to Lebanon.
At an exchange rate of N380, the money found on them sums up to around N338 million.
The suspects were on Wednesday handed over to the zonal office of the Economic and Financial Crimes Commission (EFCC) for investigation.
Mohammed Olayinka, customs area controller, disclosed that Khali with passport number LR152975 (Republic of Lebanon) was arrested with $670,000, while Mohammed with passport number LR0356598 (Republic of Lebanon) had $220,000 on him.
Olayinka added that the suspects failed to declare the said amount to customs.
The development comes nearly two years after the Economic and Financial Crimes Commission (EFCC) arrested one Abbas Lakis, a Lebanese, at the Nnamdi Azikiwe International Airport, Abuja.
Lakis was said to have been nabbed while he was attempting to smuggle over $2 million out of the country.