The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a new policy allowing Nigerians holding dollars outside the banking system to bring those funds into formal financial channels. Under this policy, individuals have a nine-month grace period—beginning October 31—during which they can deposit these funds without legal or financial penalties.
Edun shared this directive after the National Economic Council meeting, chaired by Vice President Senator Kashim Shettima at the Presidential Villa in Abuja. He clarified that individuals bringing dollars into the system would be exempt from taxes, penalties, and inquiries, provided the funds meet standard banking Know Your Customer (KYC) requirements and are not linked to criminal or illicit activity.
Additionally, Edun reported on the nation’s financial reserves: the Excess Crude Account stands at $473,754.57, the Natural Resources Fund at ₦26.1 billion, and the Stabilization Account at ₦36.3 billion. He also highlighted government relief measures, stating that 25 million Nigerians have benefited from federal social protection programs, which support sectors like power, agriculture, manufacturing, health, and compressed natural gas (CNG).
This initiative aims to secure dollar holdings and support economic growth, with detailed guidelines to be released by the Central Bank in coordination with the Ministry of Finance.
