FG gives deadline to people holding dollar outside banking system

The Federal Government has announced that there will be a deadline of nine months given to people who are currently holding dollars outside of the traditional banking system.

This announcement is aimed at encouraging individuals to deposit their foreign currency into banks, which could help stabilize the economy. Wale Edun, who is the Minister of Finance and also serves as the Coordinating Minister of the Economy, shared this important news with journalists during a briefing that took place after the meeting of the National Economic Council. The statement highlights the government’s efforts to streamline and regulate the currency flow within the country.

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According to him, “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.

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.