Minister of finance

FG Announces Nine-Month Amnesty for Dollar Deposits Outside Banking System

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To stabilize Nigeria’s foreign exchange market, the Federal Government has launched a nine-month amnesty program, allowing individuals holding undeclared dollar assets to deposit them into bank accounts without scrutiny, penalties, or taxation. This initiative, which begins on October 31, aims to address rising commodity prices and ease the demand pressures on the nation’s currency by encouraging the integration of these dollar holdings into the formal economy.

The program, announced by Finance Minister and Coordinating Minister of the Economy Wale Edun, follows discussions at the 144th National Economic Council meeting, presided over by Vice President Kashim Shettima at the State House, Abuja.

“This program is designed to bring in dollar cash held outside the banking system,” Minister Edun explained. “There will be no penalty, no taxes, and no questions asked, provided the funds meet standard bank Know-Your-Customer (KYC) requirements and are not proceeds of crime.”

The initiative allows individuals to deposit their dollar holdings, enhancing security and legal compliance while aiming to reduce volatility in foreign exchange rates. By increasing dollar liquidity, the FG hopes to bring stability to foreign exchange and, in turn, lower commodity prices affected by currency fluctuations.

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