Nov 1 (Lagos) The Co-ordinating minister for Finance and Economy said that the Federal Government will allow 9 month window to anyone who has foreign currencies outside the financial system to bring it and deposit in a Bank and no questions will be asked unless the funds are from illegal activities. Also there will be no taxes charged on those funds.
He said that the guidelines for the program will soon be released.
The Government seems to be getting desperate now as all its efforts to support the Naira seem to be failing as the exchange rate is languishing between 1700-1800 against the US Dollars in the parallel markets according to websites that track that market.
If this program is successful, then it could benefit the economy as far as the exchange rate is concerned but the expectations are low because they are not even able to fix basic problems like scarcity of Naira notes in banks, something that is directly under their control. Therefore confidence is low right now in their ability to fix bigger issues.
reporting for easykobo.com on Friday, Nov 1 2024 from Lagos, Nigeria