The Federal Government has introduced a nine-month grace period for Nigerians holding dollar cash outside the banking system to deposit their funds without penalties, taxes, or inquiries. Announced on Thursday after the National Economic Council (NEC) meeting in Abuja, Finance Minister Wale Edun revealed the initiative aims to bring more foreign currency into formal banking channels.

“Starting from October 31, people can deposit dollar bills held outside the system without any penalties or questions,” Edun stated. “This initiative, developed with the Central Bank, ensures that as long as the funds meet standard ‘Know Your Customer’ requirements and are not proceeds of crime, Nigerians can safely deposit them into their bank accounts.”

The minister emphasized that the program provides a secure and legitimate channel for cash deposits, aiming to prevent the risks associated with keeping currency outside formal financial institutions.

Additionally, Edun highlighted the government’s social protection efforts, noting that around 25 million Nigerians have benefited from various initiatives. These include digital outreach programs, microenterprise loans, and sector-specific support for key areas such as power, agriculture, manufacturing, health, and compressed natural gas.