Nine-Month Ultimatum Announced By FG For Individuals Holding Dollars Without Penalties

Nine-Month Ultimatum Announced By FG For Individuals Holding Dollars Without Penalties
The Federal Government has announced a nine-month grace period for individuals holding dollars outside the banking system. Following a National Economic Council (NEC) meeting in Abuja, Finance Minister Wale Edun explained that Nigerians can now deposit their dollar cash without facing penalties, taxes, or scrutiny.

“This initiative begins today, October 31, and allows people to bring in cash that is currently outside the banking system,” Edun stated. He emphasized that this policy aims to encourage the safe and legal transfer of funds into bank accounts, provided they are not linked to criminal activities.

Individuals will need to comply with standard “Know Your Customer” requirements at banks to participate in the program. Edun noted that this move would help secure funds and promote normal economic activities.

Additionally, the minister highlighted that 25 million Nigerians have benefited from various federal social protection programs, including digital outreach and sector-specific support initiatives in agriculture, manufacturing, and health.

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