The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a new policy allowing Nigerians who hold dollars outside the banking system to deposit those funds into financial institutions.
Edun stated that individuals will have a nine-month grace period to comply with this directive without facing legal penalties. He shared this update during a press briefing following the National Economic Council meeting, chaired by Vice President Kashim Shettima, at the Presidential Villa in Abuja.
He also provided updates on the Excess Crude Account, which currently stands at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.
Edun highlighted that 25 million Nigerians have benefited from various federal social protection initiatives, including digital outreach, microenterprise loans, and support for sectors such as power, agriculture, and health.
He explained that the new program, effective from October 31 and lasting nine months, will allow individuals to safely bring in cash held outside the banking system. He emphasized that as long as the funds are not derived from illegal activities, there will be no penalties, taxes, or additional inquiries—just compliance with the standard “Know Your Customer” requirements.
READ ALSO: Breaking: The NEC has advised the withdrawal of President Tinubu’s tax reform bills.
The details and guidelines for this initiative will be announced by the Ministry of Finance and the Central Bank shortly. This policy aims not only to encourage compliance with financial regulations but also to enhance the country’s reserves and potentially stabilize the exchange rate by bringing idle dollars into the financial system.
We Love To Have You Back. Pease kindly Provide Us With Your Email.
Kindly Share:
Discover more from LMSINT MEDIA
Subscribe to get the latest posts sent to your email.