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Nigerians Given 9-Month Window to Deposit Dollars Amid Forex Crisis

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The Federal Government has introduced a new policy allowing Nigerians to deposit dollars held outside the formal banking system without penalties or scrutiny. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, announced the policy following the National Economic Council meeting led by Vice President Kashim Shettima. This initiative, set to last for nine months, aims to attract dollars into the financial system to enhance currency stability and strengthen the foreign exchange market.

According to Edun, individuals who comply with the directive will not face legal or financial repercussions, provided the funds are legitimate and not from illicit sources. The Finance Minister emphasized that the measure would improve currency security and availability, requiring only the standard Know Your Customer (KYC) protocols for account holders.

In his address, Edun also provided updates on Nigeria’s economic reserves, with the Excess Crude Account currently at $473,754.57, the Natural Resources Fund at N26.1 billion, and the Stabilisation Account at N36.3 billion. He further highlighted government relief initiatives that have supported over 25 million Nigerians through digital outreach, micro-loans, and sector-specific investments in power, agriculture, health, manufacturing, and compressed natural gas (CNG).

“This policy offers Nigerians a secure, compliant option to reintegrate dollars into the banking system, contributing to our reserves and potentially easing exchange rate pressures,” Edun said. Detailed guidelines for the initiative, developed by the Ministry of Finance and the Central Bank, are expected soon.

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