The Federal Government has introduced a nine-month window for Nigerians to deposit dollars held outside the banking system without penalties, taxes, or scrutiny.
The policy, announced by Finance Minister Wale Edun after Thursday’s National Economic Council meeting, aims to bring undeclared dollars into the formal banking system. Edun assured that depositors will face no penalties, taxes, or questions about the source of the funds, provided they are not proceeds of crime or illicit money.
This move is expected to stabilize the exchange rate, formalize cash holdings, and address commodity price increases influenced by foreign exchange rates.
In related news, Edun revealed that 25 million Nigerians have benefited from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support.
The government’s efforts aim to boost economic stability and encourage citizens to participate in the formal financial system.
Nigeria’s economy has faced challenges due to foreign exchange fluctuations and informal cash holdings. This policy seeks to address these issues and promote economic growth.
