FG gives 9 months ultimatum to those keeping dollars outside banking system
The Federal Government has issued a 9 month ultimatum to individuals that are keeping dollars outside the banking system.
The minister of Finance & Coordinating Minister of the Economy, Wale Edun disclosed this while briefing journalists at the end of the National Economic Council.
According to him, “One element of the cost increase is the foreign exchange rate & that is demand & supply. There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October & lasting nine months, that will allow people to bring in cash that is outside the banking system.
Therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
