The Federal Government of Nigeria has launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, known as the Disclosure Scheme, under Executive Order No. 15 of 2023. Announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the initiative is aimed at boosting economic transparency and integrating legitimate foreign currency holdings by Nigerians into the formal economy.
Director of Information and Public Relations, Mohammed Manga, in a statement enumerated the objectives of the Disclosure Scheme to to include Financial Transparency by seeking to formalize foreign currency assets held outside Nigeria’s banking system.
The second objective according to the statement is Strengthening AML and CFT which encourages the use of the formal banking system to reduce illicit transactions and improve anti-money laundering and counter-terrorism financing (AML/CFT) measures.
The statement listed Key Features of the Scheme to include Voluntary Disclosure where Nigerians with legitimately earned foreign currency are invited to participate.
“Special Domiciliary Accounts: Funds are held in designated sub-accounts at participating financial institutions.
“Confidentiality and Asset Protection: Disclosed assets are protected from expropriation and treated confidentially under relevant laws.”
Explaining further the statement indicated that the scheme provides tax exemptions on disclosed funds and ensures unrestricted repatriation of capital, creating a secure channel for Nigerians to manage foreign assets while supporting national economic growth.
“Open for nine months from its start date, interested participants can apply by setting up a domiciliary account with a participating bank.”
For further details, Nigerians are advised to visit www.finance.gov.ng/disclosurescheme.
