Only last week Thursday, the Federal Government announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
In the still hard to understand wisdom of the government, it averred that the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.
“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.
Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.
Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.
However, checks in some banks showed that compliance is very infinitesimal as many are still holding on to their USDs.