The Nigerian Federal Government has issued a nine-month ultimatum for individuals holding US dollars outside the banking system to deposit their cash without penalties. Finance Minister Wale Edun announced that this initiative, effective from October 31, aims to promote financial inclusion and enhance economic security.
The Nigerian Federal Government has set a nine-month deadline for individuals holding US dollars outside the banking system to deposit their cash without incurring any penalties or taxes. This announcement was made by Finance Minister Wale Edun during a press briefing after the National Economic Council (NEC) meeting in Abuja. The initiative aims to encourage citizens to bring their foreign currency into the formal economy.
Minister Edun highlighted that starting from October 31, individuals can convert their cash into bank deposits safely, as long as the funds are not connected to illegal activities. He assured the public that there would be no scrutiny, stating, "There will be no penalty; there will be no taxes, and there will be no questions." This initiative is intended to address the risks associated with holding cash outside of banks, which the government considers both unsafe and insecure.
This measure is part of a larger effort to enhance financial inclusion and stabilize Nigeria's economy. Edun also noted that various federal social protection programs have successfully supported 25 million Nigerians through loans and assistance in key sectors.
By encouraging the deposit of foreign currency into banks, the government aims to foster economic growth and reduce dependence on informal financial practices.
