In a bid to boost transparency and economic stability, Nigeria’s new “Disclosure Scheme” will allow citizens to deposit foreign currency in banks without penalties, provided the funds are legitimate.
Announced by the Ministry of Finance, Wale Edun, the initiative encourages Nigerians to bring foreign assets into the formal economy, aiming to strengthen financial security and support economic growth.
Nigeria’s government has launched the Disclosure Scheme, a new initiative that enables Nigerians to deposit foreign currency in banks without penalties or taxes, as long as they earn the funds legally.
Developed under Executive Order No. 15 of 2023, the scheme aims to boost transparency in the financial sector and incorporate foreign assets into the formal economy.
In a statement on Thursday, the Ministry of Finance highlighted the programme’s main objectives; firstly, increasing transparency and secondly, enhancing security.
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By integrating legitimate foreign currency into Nigeria’s banking system, the scheme is designed to reduce reliance on cash transactions.
Moreover, it aims to strengthen anti-money laundering (AML) and counter-financing of terrorism (CFT) measures, thus building a more regulated financial environment.
Director of Information, Mohammed Manga, noted that this approach would create a safer channel for legitimate funds and strengthen regulatory oversight.
Furthermore, the Minister of Finance, Wale Edun, explained that the scheme will stabilise exchange rates, increase reserves, and support economic growth.
He encouraged Nigerians holding legitimate foreign currency to participate, emphasising that the programme provides a secure, private way to reintegrate these assets into the formal economy.
In conclusion, with support from President Tinubu, the Central Bank of Nigeria, and the Ministry of Justice, the Disclosure Scheme represents a bold step toward building an inclusive, resilient economy.
Ultimately, it aims to foster stability and align with international standards in financial security.
