Forex Crisis: FG gives Nigerians nine-months ultimatum

the federal government has issued a nine-month ultimatum to people keeping dollars outside the banking system.

November 2, 2024

Forex crisis: FG gives Nigerians 9 months ultimatum

Table of Contents

Introduction

Forex crisis has been a major challenge of the federal government. Thus, the federal government has issued a nine-month ultimatum to people keeping dollars outside the banking system.

The FG’s Statement on the Forex Crisis

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, disclosed this while briefing journalists at the end of the National Economic Council, NEC.

The NEC meeting was presided over by the Vice President, Senator Kashim Shettima, at the Presidential Villa, Abuja.

He stated, “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.

However it is unsafe, it is insecure and it is now illegal. They will allow forbearance to bring dollars cash.

Let me emphasize once again, it is to bring dollars that they are holding outside the system.

Condition For Dollar Deposit

They’ll be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of cr!me or ill!cit 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. 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 be followed very quickly by the Central Bank.

That is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice.

But of course, it gives us an opportunity to bring those dollars from where they are doing nothing to where they are within the financial system.

They add to our reserves, and of course can help with the exchange rate”.

This was Wale Edun’s statement addressing journalists on how the FG plan to address the forex crisis

Any moment from now, we expect further updates from the CBN,regarding the forex crisis.