The Federal Government of Nigeria has introduced a new policy granting Nigerians a nine-month window to deposit dollar bills held outside the formal banking system without facing penalties, taxes, or scrutiny. Speaking after the National Economic Council (NEC) meeting in Abuja, Finance Minister and Coordinating Minister of the Economy, Wale Edun, outlined the policy as part of ongoing efforts to improve financial security and integrate funds outside the banking system into the formal economy.
Minister Edun clarified that individuals holding dollar cash can deposit it safely in Nigerian banks, provided it does not originate from illicit sources. “There will be no penalty; there will be no taxes, and there will be no questions,” he stated, emphasizing that the policy aims to secure these funds within legal and safe channels.
The program, in partnership with the Ministry of Finance and the Central Bank of Nigeria, starts immediately and will conclude after nine months. Individuals must only meet standard “Know Your Customer” (KYC) requirements to ensure the funds’ safety and alignment with regular economic activities.
Additionally, Edun highlighted that 25 million Nigerians have benefited from various federal social protection programs, including microenterprise loans, digital outreach initiatives, and sector-focused support in energy, agriculture, manufacturing, health, and compressed natural gas initiatives.
This initiative represents a move by the government to boost economic activity by encouraging the use of formal financial systems and supporting Nigeria’s broader economic stability and growth efforts.
