The Nigerian government has recently launched a nine-month program aimed at enabling individuals to deposit U.S. dollars held outside the formal banking system without being subjected to penalties or scrutiny. This initiative aims to encourage the repatriation of foreign exchange held in informal channels and boost liquidity in the banking sector.
Finance Minister Wale Edun stated that his ministry will first issue guidelines for the program, followed by additional guidelines from the Central Bank of Nigeria. To participate, individuals need to follow the guidelines set forth by the government and the Central Bank.
