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The CBN recently issued the Guidelines on Implementation of the Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme, 2024 (the CBN Disclosure Guidelines). Prior to this, the Federal Government of Nigeria (FGN) had, on 19 October 2023, launched the Foreign Currency Voluntary Disclosure, Deposit, Repatriation, and Investment Scheme (the DDRI Scheme) pursuant to Executive Order No. 15 of 2023 (EO 15)[1]. Further to this, the Honourable Minister of Finance and Coordinating Minister of the Economy, on 8 April 2024, issued the Foreign Currency Voluntary Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024 (the Scheme Guidelines), to operationalise EO 15.
21 November 24
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EO 15 and the Scheme Guidelines were issued to facilitate the voluntary disclosure, deposit and repatriation of internationally tradable foreign currencies (ITFCs) held by Nigerians with a view to integrating these legitimate foreign currency assets into the formal economy.
Further to these regulations, the CBN Disclosure Guidelines were issued to implement the DDRI Scheme. Among other things, the CBN Disclosure Guidelines set out the role of commercial, merchant and non-interest banks (CMNIBS) in the operation of the DDRI Scheme.
In this flash note, we highlight the key features of the DDRI Scheme and the role that the relevant stakeholders are expected to play in its operation. We also spotlight similar schemes that have been deployed in other jurisdictions as well as their outcomes.
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Should you require more information please do not hesitate to contact Funmilayo Otsemobor or Zacheaus Akanni.
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Contributor
Ayomide Awoyemi – Associate