ABUJA – In a move aimed at strengthening the Nigerian financial system, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a new policy permitting Nigerians who have U.S. dollars outside the banking system to deposit those funds into financial institutions without facing legal or financial repercussions. This nine-month amnesty window, starting from October 31, allows for a seamless integration of such funds provided they meet legal requirements.
Edun shared this development during a media briefing after the National Economic Council (NEC) meeting chaired by Vice President Senator Kashim Shettima at the Presidential Villa in Abuja.
The minister outlined that funds eligible for this directive are those held outside the banking system that are not derived from illicit sources. Individuals who wish to comply simply need to meet banks’ standard “Know Your Customer” (KYC) requirements. He assured that, “There will be no penalty, there will be no taxes, there will be no questions,” so long as the funds are lawful and meet banking regulations. “They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The Minister also provided an update on Nigeria’s financial reserves, noting that the Excess Crude Account currently stands at $473,754.57, the Natural Resources Fund at ₦26.1 billion, and the Stabilization Account at ₦36.3 billion.
In addition to this policy, Edun highlighted the federal government’s economic relief initiatives, which have reached 25 million Nigerians through various programs in areas like microenterprise loans, digital outreach, and sector-specific support for agriculture, power, health, and compressed natural gas (CNG) solutions.
This policy is set to enhance financial stability, encourage transparency, and increase dollar liquidity in the banking system, supporting Nigeria’s broader economic reforms.