The Federal Government of Nigeria has launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme—referred to as the Disclosure Scheme—under Executive Order No. 15 of 2023. The initiative, titled the “Disclosure, Depositing, Repatriation, and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023,” is further outlined by the 2024 Guidelines.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced the scheme guidelines in Abuja, describing it as a critical step to enhance financial transparency, bolster economic resilience, and support national growth.

“This scheme,” Mr. Edun explained, “facilitates the voluntary disclosure, depositing, repatriation, and investment of internationally tradable foreign currency held by Nigerians, within or outside the country, thus integrating these assets into our formal economy.”

Key Goals of the Disclosure Scheme:

1. Enhancing Financial Transparency:
The scheme formalizes foreign currency assets held by Nigerians beyond the Nigerian banking system, promoting transparency.

2. Strengthening AML/CFT Frameworks:
Designed to address weaknesses in the current financial framework, the Disclosure Scheme supports cashless, legitimate transactions in the formal financial system, helping reduce the risk of illicit transactions.

Mr. Edun added, “The Disclosure Scheme is a bold initiative to integrate foreign currency assets outside the formal financial system, strengthening transparency, resilience, and setting Nigeria on a path toward rapid economic growth. It offers Nigerians a secure, confidential means to reintegrate legitimate foreign currency funds, fostering stability and national growth.”

Guided by President Tinubu’s vision and supported by the Central Bank of Nigeria (CBN) and the Ministry of Justice, the scheme aligns with global standards for anti-money laundering and countering terrorism financing (AML/CFT).

Eligibility:
The scheme is open to Nigerians holding legitimately earned internationally tradable foreign currency.

Key Features:

Voluntary Participation: Eligible individuals may voluntarily disclose their foreign currency holdings.

Designated Accounts: Funds disclosed or repatriated under the scheme are held in a designated sub-account in domiciliary accounts managed by participating financial institutions.

The Central Bank of Nigeria (CBN) has issued detailed guidelines for financial institutions to facilitate the scheme.

Participant Incentives and Safeguards:

Tax Exemptions: Participants are exempt from tax audits, investigations, or liabilities concerning disclosed foreign currency amounts.

Asset Protection: Funds disclosed, deposited, repatriated, and invested under the scheme are safeguarded against seizure, expropriation, or forfeiture.

Unrestricted Repatriation: Participants can freely repatriate their foreign currency and accrued earnings at the prevailing exchange rate, as outlined by the scheme.

Confidentiality: Participant information will remain confidential, as required by relevant laws.

Role of Participating Financial Institutions:

CBN-regulated deposit money banks will handle applications, manage designated accounts, and ensure adherence to scheme guidelines. Additionally, all participating institutions are mandated to comply fully with AML/CFT and CPF (Counter-Proliferation Financing) standards to prevent misuse of the scheme.

Benefits for Participants:
Interest earnings on designated domiciliary sub-accounts are tax-exempt.

Scheme Duration:

The Disclosure Scheme will be open for participation for a maximum of nine months from its official commencement.

Steps to Participate:

1. Open or maintain a domiciliary account with a participating financial institution.

2. Complete the CBN-issued application form through the financial institution, providing required details and commitments.

3. Deposit or repatriate foreign currency into the designated domiciliary sub-account.

About the Disclosure Scheme:

The Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme is a Federal Government initiative established under Executive Order No. 15 of 2023 and regulated by the 2024 Guidelines. The scheme’s objective is to incorporate legitimate foreign currency assets into Nigeria’s formal economy while ensuring compliance with AML/CFT and CPF standards.

For more information, visit the official government page at

Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme (DDI Scheme)