New Policy Allows Nigerians to Deposit Hidden Dollars Without Penalties

The Nigerian government has announced a new initiative aimed at encouraging citizens to deposit U.S. dollars held outside the formal banking system. This policy comes with a nine-month deadline for individuals to take advantage of the opportunity.

During a press conference following a meeting of the National Economic Council in Abuja, Finance Minister Wale Edun detailed the plan. He emphasized that those who deposit their dollar bills will not face any penalties, taxes, or intrusive questions regarding the source of the funds.

Starting today, October 31, 2024, the program will allow individuals to safely transfer cash into their bank accounts, provided the money is not linked to illegal activities. Participants only need to comply with standard banking requirements, such as the “Know Your Customer” guidelines.

The minister highlighted the importance of securing these funds, noting that keeping large amounts of cash outside the banking system is both unsafe and unregulated. He reassured the public that this initiative is designed to help them make their money safe and available for economic activities.

In addition, Edun mentioned that around 25 million Nigerians have benefited from various federal social protection programs, which include digital outreach efforts, microenterprise loans, and targeted support across different sectors like agriculture, health, and manufacturing.

This move by the government aims to enhance financial inclusion and stabilize the economy by bringing more cash into the formal banking sector.