FG Gives 9-Month Grace Period for Nigerians Holding Dollars Outside Banking System

Edun also provided updates on Nigeria’s financial accounts, with the Excess Crude Account at $473,754.57, the Natural Resources Fund at ₦26.1 billion, and the Stabilization Account at ₦36.3 billion.

Abuja, Nigeria – Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced a new policy allowing individuals holding U.S. dollars outside the banking system to deposit those funds into Nigerian financial institutions without penalties.

This directive grants a nine-month grace period to encourage voluntary compliance.

Edun shared this policy update following a National Economic Council (NEC) meeting chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja. He emphasized that eligible funds must meet legal standards, excluding proceeds of illicit activities, and will be subject only to standard banking “Know Your Customer” (KYC) requirements.

“This initiative allows people to secure their dollars within the banking system, where they can be safely held and legally used in economic activities,” Edun stated. “No penalties, taxes, or questions will be imposed as long as these funds meet compliance standards.”

The policy takes effect immediately, with implementation details expected soon from the Central Bank of Nigeria. The measure aims to mobilize idle dollars and increase their availability within the financial system, potentially easing foreign exchange pressure by strengthening reserves.

Edun also provided updates on Nigeria’s financial accounts, with the Excess Crude Account at $473,754.57, the Natural Resources Fund at ₦26.1 billion, and the Stabilization Account at ₦36.3 billion.

In addition, he highlighted federal economic relief efforts, noting that 25 million Nigerians have benefited from social protection initiatives covering areas such as digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) projects.