The Nigerian government has announced a nine-month program allowing individuals to deposit U.S. dollars held outside the formal banking system without facing penalties or scrutiny. Finance Minister Wale Edun said his ministry will first issue guidelines for the program, followed promptly by additional guidelines from the Central Bank of Nigeria. Participating individuals will need to verify their identity with banks to deposit their U.S. dollars into the formal financial system. The new program allows individuals to bring their U.S. dollars into the formal financial system, which could help stabilize the exchange rate and boost the economy.
Nigeria Unveils Amnesty Program to Recover Illegally Held Dollars Amid Forex Crisis
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
