By Ihechi Enyinnaya
The Federal Government has announced a nine-month ultimatum for individuals holding dollars outside the banking system to deposit their cash.
During a press briefing on Thursday following the National Economic Council (NEC) meeting in Abuja, Finance Minister and Coordinating Minister of the Economy Wale Edun explained that a new policy will allow Nigerians to deposit their dollar bills without scrutiny.
“There will be no penalties, taxes, or questions,” Edun assured.
He announced that details of the program, effective from today, October 31, and lasting for nine months, will be released by the federal government in collaboration with the Central Bank. This initiative aims to encourage people to bring in cash currently outside the banking system.
“It’s unsafe and unsecure to keep money outside of legal limits,” he emphasized. “This program allows individuals to bring in cash and credit it to their bank accounts, provided it is not from illicit activities. They only need to meet the usual ‘Know Your Customer’ requirements.”
The minister also highlighted that 25 million Nigerians have benefited from federal social protection initiatives, including digital outreach, microenterprise loans, and targeted support for sectors such as power, agriculture, manufacturing, health, and compressed natural gas.