ABUJA – Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has introduced a new policy allowing Nigerians who hold dollars outside the banking system to bring these funds into the formal financial system.
Edun announced that individuals have a nine-month grace period to comply, during which they can deposit their dollar holdings into bank accounts without facing legal consequences or financial penalties.
“It is currently unsafe, insecure, and outside legal bounds to hold such cash,” Edun stated. “This policy provides forbearance to bring in dollar cash and deposit it into bank accounts without penalties, taxes, or inquiries, as long as the funds are not proceeds of crime or illicit activities. Individuals simply need to meet the standard ‘Know Your Customer’ requirements of the banks.”
He emphasized the benefits: “This is an opportunity for individuals to secure their funds, make them accessible for economic use, and ensure their safety. Detailed guidelines on this process will be announced soon, with the Central Bank expected to follow up quickly.”
Edun added that the initiative benefits not only those seeking compliance but also strengthens the nation’s financial reserves and supports the exchange rate by bringing idle dollars into the formal economy.
