The Nigerian Government has issued a nine-month ultimatum to individuals holding dollars outside the banking system.
Speaking to journalists on Thursday after the National Economic Council (NEC) meeting in Abuja, the Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced a new policy allowing Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
“There will be no penalty, no taxes, and no questions,” the minister assured.
“Today, 31st October, the federal government, through the Ministry of Finance in partnership with the Central Bank, will release details of a programme that will run for nine months, enabling people to bring in cash held outside the banking system.
“This cash is currently unsafe, insecure, and outside legal limits. They will be granted forbearance to bring in dollar cash. To clarify, this is specifically for those holding dollars outside the system, allowing them to deposit these funds into their bank accounts, provided the money is not the proceeds of crime or illicit activities.
“They will simply need to meet the banks’ standard ‘Know Your Customer’ requirements, giving them the opportunity to secure these funds, make them safe, and ensure they are available for legitimate economic activity.”
The minister further noted that 25 million Nigerians have benefited from federal social protection programmes, including digital outreach, microenterprise loans, and targeted support initiatives in power, agriculture, manufacturing, health, and compressed natural gas.
