The Federal Government has introduced a new policy allowing Nigerians who hold dollar cash outside the banking system to bring those funds into banks without facing legal action or financial penalties.
This announcement, made by Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, provides a nine-month amnesty period for dollar holders to securely deposit their cash into the financial system.
Edun shared details of this directive at the end of the National Economic Council (NEC) meeting, presided over by Vice President Senator Kashim Shettima at the Presidential Villa in Abuja.
The policy, he explained, is designed to encourage Nigerians holding dollars outside banks to deposit these funds safely, without fear of reprisal or invasive questioning from financial authorities.
The government’s decision to provide amnesty comes as Nigeria continues to grapple with economic challenges, including foreign exchange instability and inflation.
The Minister noted that the program will work alongside the Central Bank of Nigeria (CBN), which will release specific guidelines to ensure a smooth process for individuals seeking to comply with the new directive.
Edun emphasized that this opportunity would apply only to “legitimate funds,” meaning that any illicitly sourced funds would not qualify for amnesty under this policy.
“This grace period allows people to bring in cash that is outside the banking system,” he said.
Edun highlighted the insecurity and risk for individuals keeping large sums of cash at home or in private safes, emphasizing the advantages of depositing these funds within the secure banking system.
To assure the public of the policy’s integrity, Edun clarified that individuals depositing their cash would not face any penalty or tax.
“They will have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal economic activity,” he said.
The Minister explained that dollar holders only need to fulfill standard “Know Your Customer” (KYC) requirements used by banks.
He assured that this process would not involve invasive scrutiny, stating, “There will be no penalty, no taxes, and no questions, as long as it is not proceeds of crime.”
These conditions have been set to ease Nigerians’ concerns about how the policy will work and to encourage compliance.
During the briefing, Edun also provided updates on key economic relief and stabilization funds, offering insights into Nigeria’s current financial standing.
He disclosed that the Excess Crude Account holds a balance of $473,754.57, while the Natural Resources Fund contains ₦26,105,837,627.67. Additionally, the Stabilization Account, which is designed to support the country during periods of economic instability, currently stands at ₦36,299,452,763.62.
This transparency in government accounts is part of ongoing efforts to keep Nigerians informed about the financial status of key national reserves.
Edun noted that these funds contribute to Nigeria’s financial resilience, providing resources that can support critical government functions even as the nation navigates economic challenges.
The Finance Minister also shared positive outcomes from the government’s social protection programs, designed to provide economic relief for vulnerable citizens.
According to Edun, over 25 million Nigerians have benefited from federal initiatives such as digital outreach programs, microenterprise loans, and support for sectors like agriculture, power, and health.
The Minister emphasized that these programs are part of the government’s broader commitment to alleviating poverty, creating jobs, and stimulating economic growth.
As part of these initiatives, the government is also promoting the use of compressed natural gas (CNG) as a fuel alternative, a move aimed at reducing dependency on costly fuel imports.
