The Federal Govt has Announced a Nine-month Grace Period for Citizens to Deposit Dollars Without Facing Any Penalties.

In a significant development for Nigeria’s financial landscape, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced a new policy aimed at facilitating the repatriation of foreign currency held outside the banking system. During a press briefing following the National Economic Council meeting, Edun revealed that Nigerians possessing dollars outside of formal financial institutions will have a nine-month grace period to bring these funds back into the banking system. Notably, individuals complying with this directive will not face legal liabilities or financial penalties during this timeframe.

This policy comes at a crucial time when the National Economic Council is addressing various economic challenges facing the nation. In his address, Edun provided updates on key financial accounts, noting that the Excess Crude Account currently stands at $473,754.57, while the Natural Resources Fund is recorded at ₦26,105,837,627.67, and the Stabilization Account holds ₦36,299,452,763.62.

Furthermore, the Minister highlighted the government’s ongoing economic relief measures, which have reportedly benefited 25 million Nigerians through various federal social protection initiatives. These initiatives encompass digital outreach, microenterprise loans, and targeted support across sectors such as power, agriculture, manufacturing, health, and compressed natural gas (CNG).

Edun also acknowledged that fluctuations in the foreign exchange market are contributing to rising costs, driven by demand and supply dynamics. He assured that details of the new program will be released imminently, a collaboration between the federal government and the Central Bank, which is set to commence on October 31 and run for the stipulated grace period.

This initiative reflects the government’s commitment to stabilizing the economy and enhancing the financial inclusion of Nigerians by integrating previously unbanked foreign currency into the formal financial system. As the implementation of this policy unfolds, stakeholders will be keenly observing its impact on Nigeria’s economic recovery efforts.