The Nigerian government has unveiled a nine-month initiative that permits individuals to deposit U.S. dollars held outside the formal banking sector without incurring any penalties or facing scrutiny. Finance Minister Wale Edun stated that his ministry will initially release guidelines for the initiative, which will soon be followed by further instructions from the Central Bank of Nigeria. Those who wish to participate must authenticate their identity with banks to deposit their U.S. dollars into the official financial system. This new program aims to integrate U.S. dollars into the formal financial framework, potentially aiding in the stabilization of the exchange rate and providing a boost to the economy.
