Economy
FG announces incentives for Nigerians to repatriate foreign funds
The federal government has launched an amnesty initiative that allows individuals to deposit foreign currencies into banks without penalties or taxes — provided the funds are not proceeds of crime.
Announcing the initiative in a statement on Thursday, the ministry of finance said the programme is called the ‘Disclosure Scheme’.
Mohammed Manga, the ministry’s director of information and public relations, said the scheme, starting October, is for nine months.
The public relations officer said the initiative is designed to enhance transparency in the financial sector and boost Nigeria’s economic resilience, growth, and development.
He said by facilitating the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, both within and outside the country, “the scheme aims to integrate these legitimate foreign currency assets into the formal economy”.
“The federal government of Nigeria is pleased to announce the commencement of the foreign currency voluntary disclosure, depositing, repatriation, and investment scheme, known as the disclosure scheme, in pursuance of Executive Order No. 15 of 2023 titled ‘Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023’ and the ‘Foreign Currency Disclosure, Deposit, Repatriation, and Investment Scheme Guidelines, 2024’, issued by the Honourable Minister of Finance and Coordinating Minister of the Economy, on October 25th, 2024,” the statement reads.
“Key objectives of the disclosure scheme: enhance financial transparency: Promote transparency in the financial sector by formalising legitimate foreign currency assets held outside the Nigerian banking system by Nigerians within or outside of Nigeria.
“Bolstering AML and CFT capabilities: The scheme specifically targets weaknesses in the existing framework by promoting cashless and legitimate transactions within the formal financial system.
“This strengthens regulatory enforcement while also encouraging financial practices that reduce the likelihood of illicit cash transactions.”
‘FUNDS WILL INCREASE RESERVES’
Speaking on the scheme, Wale Edun, minister of finance and coordinating minister of the economy, said the initiative would enhance financial security and contribute positively to the economy by increasing reserves and stabilising exchange rates.
“The disclosure scheme is a bold initiative aimed at integrating foreign currency outside the formal financial system into the formal economy,” Edun said.
“It strengthens transparency and economic resilience, setting us on a path to rapid economic growth.
“The scheme offers a secure, confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for our nation.
“Guided by President Tinubu’s leadership and supported by the Central Bank of Nigeria (CBN) and Ministry of Justice, we are building a transparent and inclusive economy, aligned with best practices in anti-money laundering and countering the financing of terrorism.”
Edun encouraged Nigerians holding legitimately earned foreign currency to participate.
Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate
As of Tuesday, May 13, 2025, the exchange rate for the U.S. dollar to the Nigerian naira at the Lagos Parallel Market commonly known as the black market or Aboki FX—stands as follows:
Buying Rate: ₦1,630 per dollar
Selling Rate: ₦1,635 per dollar
This information is based on data obtained from traders at Bureau De Change (BDC) outlets in Lagos.
Important Notice:
The Central Bank of Nigeria (CBN) does not recognize the black market as an official channel for foreign exchange transactions. Individuals and businesses seeking to access forex are advised to go through authorized financial institutions, such as commercial banks.
Dollar to Naira – Black Market Rate Today
Exchange Type Rate (₦)
Buying ₦1,630
Selling ₦1,635
Dollar to Naira – CBN Official Rate
At the Central Bank of Nigeria’s official window, the dollar exchanged at varying rates today:
Highest Rate: ₦1,610
Lowest Rate: ₦1,597
Note:
Foreign exchange rates may differ depending on location, volume, and the dealer. The figures provided here are for informational purposes and may not reflect the exact rates offered to buyers or sellers in real-time.
The Central Bank of Nigeria, in collaboration with the Nigeria Inter-Bank Settlement System, has launched the Non-Resident Bank Verification Number platform, an initiative aimed at enhancing financial access for Nigerians in the diaspora.
The platform, which enables Nigerians abroad to obtain their Bank Verification Number remotely, removes the need for physical presence in Nigeria.
Speaking at the event in Abuja on Tuesday, CBN Governor, Mr. Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.
He noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
The governor added that the NRBVN was not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he remarked. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also highlighted the growth in remittance flows, which increased from $3.3bn in 2023 to $4.73bn in 2024. He attributed this rise to recent reforms, including the introduction of the willing buyer, willing seller FX regime.
With the launch of the NRBVN, the CBN is targeting $1bn in monthly remittances.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” Cardoso said.
The event also featured a presentation by the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, who detailed the technical and operational aspects of the NRBVN platform.
Oiwoh emphasised that the platform adheres to global standards, incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.
The Deputy Governor, Economic Policy, CBN, Mr Muhammad Abdullahi, also addressed the gathering, describing the NRBVN as a transformative tool for enhancing the banking experience for Nigeria’s diaspora.
He urged stakeholders to collaborate in refining the platform to meet the evolving needs of the diaspora community.
He further emphasised that the initiative would strengthen economic ties between Nigeria and its global citizens, and ultimately drive sustainable economic growth.
“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.
The NRBVN platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments.
The launch of the NRBVN platform marks a crucial step in the CBN’s efforts to improve financial inclusion and harness the economic potential of Nigeria’s diaspora.
Below is the black market exchange rate for the US Dollar to Naira as of Sunday, May 11, 2025. These are the rates at which you can exchange your dollars for naira.
Black Market Dollar to Naira Exchange Rate (Aboki FX)
According to sources at the Bureau De Change (BDC) in Lagos, the dollar was bought at ₦1625 and sold at ₦1630 on Sunday, May 11, 2025.
Important Notice:
The Central Bank of Nigeria (CBN) does not officially recognize the parallel market, also known as the black market. The CBN advises anyone seeking foreign exchange to do so through their commercial banks.
Dollar to Naira Exchange Rates Today
Market Type Buying Rate Selling Rate
Black Market (Aboki) ₦1625 ₦1630
CBN Official Rate ₦1608–₦1614 –
Please note: Exchange rates may differ depending on the vendor or location, and the rates presented here might vary slightly from the actual rate at the point of transaction.
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