The Federal Government has issued a nine-month ultimatum to individuals that are keeping dollars outside the banking system.

Briefing journalists on Thursday after the National Economic Council (NEC) meeting in Abuja, the Finance Minister and Coordinating Minister of the Economy, Wale Edun, said the government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.

Wale Edun emphasised there will be no penalty; there will be no taxes, and there will be no questions,”  the minister assured.

He further noted that there is going to be a release with  details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, with the  programme, taking effect from  31st of October, and lasting nine months, which will allow people to bring in cash that is outside the banking system.