There Will Be No Penalty, Taxes, Questions – FG Gives Nine-Month Ultimatum To Those Keeping Dollars

The Federal Government has issued a nine-month ultimatum to individuals who are keeping dollars outside the banking system.

Addressing newsmen on Thursday after the National Economic Council (NEC) meeting in Abuja, the Finance Minister and Coordinating Minister of the Economy, Wale Edun, said Nigerians can now deposit dollar bills held outside the formal banking system without scrutiny.

Speaking on the new policy, Edun said there would be no penalty, no taxes, and no questions.

The Minister said, “There will be no penalty; there will be no taxes, and there will be no questions.

“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.

“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 stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.