The Federal Government has taken additional steps aimed at attracting foreign exchange inflow into the country with the launch of foreign currency voluntary disclosure, depositing, repatriation and investment scheme.
The nine month duration scheme
allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
A circular on the scheme issued by
the office of Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, described the scheme ,”a bold initiative designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth and development”.
“By facilitating the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign
currency held by Nigerians, both within and outside the country, the scheme aims to integrate these legitimate foreign currency assets into the formal economy.
Some of the key objectives of the voluntary disclosure include, to enhance financial 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 anti – money laundering AML and CFT capabilities 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”, according to the circular.
While launching the scheme , Wale Edun stated that ” 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”.
“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 the Ministry of Justice, we are building a transparent and inclusive economy, aligned with the best
practice in anti-money laundering and countering the financing of terrorism.”
