On Thursday, the Federal Government unveiled a nine-month initiative set to commence on October 31, which permits individuals to deposit dollar bills that have been kept outside the official banking system without facing any scrutiny.
The new initiative is designed to tackle the increasing prices of commodities that are affected by fluctuations in foreign exchange rates, which are in turn shaped by the forces of supply and demand.
Wale Edun, the Finance Minister and Coordinating Minister of the Economy, disclosed this information following the 144th session of the National Economic Council, which is the premier economic advisory group in the country. The meeting was chaired by Vice President Kashim Shettima at the State House in Abuja.
He said, “There will be no penalty; there will be no taxes, and there will be no questions.
“One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.
“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.
“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.