₦airaland Forum

ABUJA – MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system.


Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.

The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

The Minister also gave an update on the Excess Crude Account currently standing at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.

Edun equally gave update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.

He said, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.

“The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.

Bobloco:
ABUJA – MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system. Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.
The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

Bobloco:
ABUJA – MINISTER of Finance and Coordinating Minister of the Economy, Wale Edun has disclosed a new government policy that would permit Nigerians who are keeping dollars outside the banking system to bring those funds into the financial system.


Edun, said such individuals have a nine-month grace period to comply with the directive without attracting legal liability or financial penalties.

The Finance Minister disclosed this while briefing journalists at the end of the National Economic Council, NEC, presided over by the Vice President, Senator Kashim Shettima, at the Council Chamber, Presidential Villa, Abuja.

The Minister also gave an update on the Excess Crude Account currently standing at $473,754.57, the Natural Resources Fund at ₦26,105,837,627.67, and the Stabilization Account at ₦36,299,452,763.62.

Edun equally gave update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas (CNG) initiatives.

He said, “One element of the cost increase is the foreign exchange rate, and that is demand and supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money. There will be no penalty, there will be no taxes, there will be no questions.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.

“The details of that, the guidelines of that, will be released, first of all, the announcement by the Ministry of Finance and the guidelines later will follow very quickly by Central Bank.

https://www.vanguardngr.com/2024/10/forex-fg-gives-9-months-grace-to-those-keeping-dollars-outside-banking-system/

Namaster:
The more I read about Edun, the DUMBER he sounds.

First of all, THREATENING people to bring their USD to the bank is STUPID. Adding a deadline makes it even MORE stupid.

He did NOT specify a punishment after the deadline because there is practically NO way to enforce the order.

Dollars outside the banking system is Dollars you DON'T know about. So there's NTHING he can do if people refuse to bring it in.

Only result of this SILLY policy would be another ASTRONOMICAL increase in the price of USD. Which is in line with other FOREX policies implemented by Tinubu and this fool.

Plus, NOBODY will trust banks with a reasonable amount of money.

Firstly because Nigerian banks are USELESS. You put your money in the bank and they accept it EAGERLY. But to withdraw same money would be like plucking teeth from a Hot lion.

Secondly, KNOWING the desperation of Tinubu and Edun and the rumours flying around since last year; there is a possibility that your USD would be FORCEFULLY converted into Naira.

Point is you can NEVER trust Nigerian banks with your FOREX.

Finally, 80% of Nigerians have NEVER seen or touched a FOREIGN note. 90% of the USD outside the banking system are held by POLITICIANS.

And there's NO way they'd submit their Ghana-must-go bags to ANY bank.
Otherwise, pepple like Ganduje would have a lot to EXPLAIN.

Okoroawusa:
All I have to say to you is that you keep your dollars outside the bank after those 9 months to find out the consequences.... please do that, okay?

We no dey make noise. This is not a joke.

Kobojunkie:
So, if I have $2500 in a safe somewhere and if I don't move that money into a bank within 9 months the law would come after me. Why? How? What for?

lionshare:
They only need to ban cash dollar deposits across all channels and I suspect this is a precursor to that. Even if you choose to cross border you’d have to concede some losses with a chance of losing your cash because if any LEA finds you with cash around the border OYO.

Kobojunkie:
Ban dollar deposits across all channels? What about foreign currency accounts? Or do you mean something like restricting people to having to first convert foreign to local currencies before maybe depositing it into either a checking or savings account?

I am trying to make sense of this supposed ban. If hoarders are those whom they are after, why not restrict people to certain amounts rather than instituting what seems like an all-out ban? Even China has yet to attempt any such.

lionshare:
■ Keyword: Ban cash dollar deposits. Meaning you can’t deposit raw cash into your dorm account—only bank transfers or transactions with traceable history.

Okoroawusa:
All I have to say to you is that you keep your dollars outside the bank after those 9 months to find out the consequences.... please do that, okay?

We no dey make noise. This is not a joke.

Kobojunkie:
Only domiciliary accounts?

Kobojunkie:
Only domiciliary accounts?

lionshare:
You want deposit dollar into savings account? Even if your bank accepts it—it’ll be declared—- we all know what a suspicious transactions looks like😊

Kobojunkie:
No, your response specifically listed Dorm accounts, not regular checking or savings accounts where the requirement is probably that one has to first convert foreign currency before depositing into them, right?
The statement seems to criminalize the having of foreign currency rather than the depositing of it though.

lionshare:
Are we on the same page? This 9-months policy will only affects dorm accounts!
We have no business with dollar in Nigeria; the currency is naira. If the rates were stable do you think anyone will care about holding usd?