The federal government has announced a nine-month initiative that allows citizens to deposit dollar cash into their bank accounts without incurring taxes or penalties.
The government, however, said this can only happen provided the funds are legitimate and meet standard banking requirements.
Minister of Finance and coordinating minister of Economy, Wale Edun, disclosed this to State House correspondents on Thursday after the National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima at the Presidential Villa in Abuja.
He explained that the programme, introduced by the Ministry of Finance in collaboration with the Central Bank of Nigeria (CBN), aims to encourage Nigerians holding foreign currency outside the financial system to securely bring those funds into the formal banking sector.
The initiative, the minister further explained, seeks to bolster Nigeria’s foreign reserves and stabilise the exchange rate by making foreign currency more accessible within the formal economy.
Edun emphasised that this is an opportunity for citizens to move cash held outside the banking system into secure, regulated accounts without fear of punitive measures.
“This initiative offers a safe, compliant path for Nigerians holding dollar cash to deposit these funds into their bank accounts, adding to our reserves and potentially easing pressures on the exchange rate,” the minister stated.
He reiterated that only legitimate funds will qualify, with banks required to verify sources under existing Know Your Customer (KYC) guidelines.
According to Edun, the initiative not only aids the economy but also provides individuals holding foreign currency with a secure and compliant option to utilise their funds within the banking system.
