Nigeria’s Finance Minister, Wale Edun, has announced a nine-month window for individuals holding dollars outside the banking system to bring their funds into the financial system without facing penalties or taxes. This move aims to increase Nigeria’s reserves and stabilize the exchange rate.
Key Details:
- Nine-Month Grace Period: Individuals can bring in dollars without legal or financial repercussions.
- No Penalties or Taxes: Funds will be secured and made available for normal economic activity.
- ‘Know Your Customer’ Criteria: Banks will verify identities to prevent illicit money.
Economic Context:
Nigeria’s inflation rate has risen to 32.7% in September, driven by the naira’s depreciation and transportation price hikes. This new policy seeks to address these economic challenges.
Government Economic Relief Measures:
25 million Nigerians have benefited from federal social protection initiatives, including:
- Digital Outreach
- Microenterprise Loans
- Sector-Specific Support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives
Current Account Updates:
- Excess Crude Account: $473,754.57
- Natural Resources Fund: ₦26,105,837,627.67
- Stabilization Account: ₦36,299,452,763.62
Add Comment