FG LAUNCHES FOREIGN CURRENCY VOLUNTARY DISCLOSURE SCHEME
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The Federal Government of Nigeria has officially launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, commonly referred to as the Disclosure Scheme. This initiative, unveiled on October 25, 2024, by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, aims to enhance transparency in the financial sector and bolster the country’s economic resilience.
The Disclosure Scheme is designed to facilitate the voluntary disclosure and reintegration of internationally tradable foreign currency held by Nigerians, whether within or outside the country, into the formal economy. By doing so, the scheme seeks to address the challenges of existing financial frameworks and promote cashless transactions, thereby strengthening anti-money laundering (AML) and counter-terrorism financing (CFT) measures.
During the launch event in Abuja, Minister Edun emphasized the scheme’s potential to drive economic growth, stating, “The Disclosure Scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy. It strengthens transparency and sets us on a path to rapid economic growth.”
Key features of the Disclosure Scheme include voluntary participation, a requirement for participants to maintain a domiciliary account with designated financial institutions, and assurances of confidentiality. Importantly, participants will not face tax audits or liabilities on the disclosed amounts, and their assets will be protected from expropriation or forfeiture.
The scheme is open to Nigerians holding legitimately earned foreign currency and will remain active for a period of up to nine months. Participants can also benefit from tax-exempt interest earnings on balances in their designated accounts.
To participate, individuals must open or maintain a domiciliary account with a participating financial institution, complete the necessary application forms, and deposit or repatriate their disclosed foreign currency into the designated sub-account.
The Disclosure Scheme represents a significant step towards a more transparent and inclusive financial environment in Nigeria, promoting stability and growth under the guidance of President Tinubu and the support of the Central Bank of Nigeria.
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