The Nigerian federal government has introduced a new amnesty program that permits individuals to deposit foreign currency into local banks without incurring penalties or taxes, provided the funds are not linked to criminal activities. Named the “Disclosure Scheme,” this initiative was announced by the Ministry of Finance on Thursday and will run for nine months, starting in October.
According to Mohammed Manga, the Director of Information and Public Relations at the ministry, the scheme is designed to enhance transparency within Nigeria’s financial sector and bolster economic growth. By allowing for voluntary disclosure, deposit, repatriation, and investment of internationally tradable foreign currency, the program aims to incorporate legitimate assets held by Nigerians, both within the country and abroad, into the formal economy.
“The federal government of Nigeria is excited to announce the launch of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme,” stated the ministry. This initiative is implemented under Executive Order No. 15 of 2023, in line with guidelines issued on October 25, 2024.
The scheme’s primary objectives include improving financial transparency by integrating legitimate foreign currency assets into the formal banking system and strengthening frameworks for anti-money laundering (AML) and counter-terrorism financing (CFT) to mitigate illicit cash transactions.
Finance Minister Wale Edun highlighted the initiative’s significance in enhancing economic security and contributing to reserve growth and exchange rate stability. “The disclosure scheme represents a significant effort to integrate foreign currency that exists outside the formal financial system into the mainstream economy,” Edun noted, emphasizing its potential to promote transparency and propel Nigeria toward rapid economic development.
He encouraged Nigerians who possess legitimately earned foreign currency to participate in the scheme, assuring a secure and confidential process supported by President Tinubu’s administration, the Central Bank of Nigeria (CBN), and the Ministry of Justice. Edun expressed confidence that this initiative would cultivate an inclusive and transparent economic environment, aligning Nigeria with global best practices in financial security.
