FG’s new amnesty allows individuals to deposit dollars without penalties

A new government amnesty now allows individuals to deposit foreign currencies into banks without penalties or taxes, as long as the funds are not proceeds of crime.

A Ministry of Finance statement on Thursday said the programme, entitled,‘Disclosure Scheme,’ is targeted at enhancing transparency in the financial sector and boosting Nigeria’s economic resilience, growth, and development, noting that the scheme aims to integrate legitimate foreign currency assets into the formal economy.

“The federal government of Nigeria is pleased to announce the commencement of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme, in pursuance of Executive Order No. 15 of 2023 titled ‘Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023’ and the ‘Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024’, issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, on October 25th, 2024,” the statement signed by Mohammed Manga, the ministry’s director of information and public relations, noted.

“Key objectives of the disclosure scheme: enhance financial transparency: Promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.

“Bolstering AML and CFT capabilities: The scheme specifically targets weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system. This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions.”

Initiative to Increase Reserves

Wale Edun, minister of finance and coordinating minister of the economy, said the initiative would boost financial security and increase reserves while stabilising exchange rates.

Edun urged Nigerians holding legitimately earned foreign currency to participate in the scheme.

“The disclosure scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy. It strengthens transparency and economic resilience, setting us on a path to rapid economic growth,” Edun said.

“The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation. Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practices in anti-money laundering and countering the financing of terrorism.”