- Government offers tax-free, penalty-free window for dollar deposits to strengthen financial transparency
- Analysts express doubts on enforcement, citing challenges with non-local currency holdings
Abuja, Nigeria – The Nigerian government on Thursday introduced a nine-month window, beginning October 31, for citizens to deposit dollars held outside the formal banking system, with an assurance of no scrutiny on funds not linked to criminal activities. Wale Edun, Nigeria’s finance minister and coordinating minister of the economy, announced the initiative following a National Economic Council meeting, a body chaired by the Vice President to shape economic policy.
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