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The Nigerian government, through the Ministry of Finance, has introduced a new policy that aims to encourage Nigerians holding foreign currency outside the formal banking system to repatriate these funds.
The government has implemented a nine-month grace period during which individuals can bring their foreign currency holdings into the country without facing legal repercussions or financial penalties. This initiative is designed to boost foreign exchange reserves and strengthen the nation’s economy.
According to Vanguard Nigeria, the Finance Minister Wale Edun announced the policy following a meeting of the National Economic Council (NEC). He emphasized the importance of formalizing these funds to ensure their safety and security.
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a program, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system,” Edun stated.
The minister clarified that the amnesty program is intended for individuals holding foreign currency legitimately. Those who have acquired their funds through illegal means will not be eligible for the amnesty.
To participate in the program, individuals will need to meet the standard “Know Your Customer” (KYC) requirements set by Nigerian banks. Once the funds are brought into the country, they can be deposited into bank accounts and used for various economic activities.
The Ministry of Finance and the Central Bank of Nigeria will soon release detailed guidelines outlining the specific procedures and conditions for the amnesty program.