The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed a new policy allowing Nigerians to bring dollars held outside the formal banking system into the financial system.
This move, Edun noted, will boost the country’s foreign exchange reserves and stabilize the exchange rate.
Speaking after the National Economic Council meeting, chaired by Vice President Kashim Shettima on Thursday, Edun explained that individuals have a nine-month grace period to comply without facing legal or financial penalties.
“One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the Federal Government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, the 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system,” he stated.
The policy, which began on October 31, allows individuals to bring in dollar cash, provided it’s not proceeds of crime or illicit money.
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Edun emphasized, “There will be no penalty, there will be no taxes, and there will be no questions.”
Individuals simply need to “meet the normal Know Your Customer criteria of banks.”
This initiative is part of the government’s efforts to strengthen the economy.
Edun also reported that 25 million Nigerians have benefited from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
The National Economic Council meeting also provided updates on the country’s financial standings: Excess Crude Account at $473,754.57, Natural Resources Fund at N26,105,837,627.67, as well as the Stabilisation Account at N36,299,452,763.62.
By encouraging Nigerians to bring foreign cash into the banking system, the government hopes to increase foreign exchange reserves and stabilize the exchange rate, ultimately supporting economic growth.
