The Nigerian government has given a 9-month deadline to people who have dollars outside of banks to put them into banks without any problems.
Finance Minister Wale Edun shared this news after a meeting of the National Economic Council on Thursday.
“From October 31, people have 9 months to put their dollar bills into banks without facing any penalties, taxes, or questions,” Edun explained.
To participate, individuals must meet standard ‘Know Your Customer’ rules for banks and make sure the money is not from illegal activities.
The policy aims to encourage Nigerians to bring foreign currency into the banking system, which can help the economy and make things safer.
Meanwhile, the government reported 25 million Nigerians have received help from social programs, including digital services, small business loans, and support for specific industries.
