Overview

This document, published as a supplement to the Federal Republic of Nigeria Official Gazette on 20th December 2023, contains the Presidential Executive Order No. 15 of 2023, titled 'Disclosure, Depositing, Repatriation and Investment of Eligible Foreign Exchange Assets and Related Matters Order, 2023'. The order was issued by President Bola Ahmed Tinubu on 19th October 2023, invoking powers under Section 5 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). The order recognizes the large informal sector in Nigeria, which transacts mainly outside the formal financial system in both local and internationally tradable currencies, complicating economic planning and policy formulation. It also notes significant amounts of lawfully held foreign currency by Nigerians both domestically and abroad. To address these issues, the President directs the Minister (presumably the Minister of Finance or a relevant ministry) to establish a 'Foreign Currency Voluntary Disclosure, Depositing, Repatriation and Investment Scheme' within 90 days from the effective date. The scheme aims to facilitate the disclosure of internationally tradable foreign currency held onshore and offshore (in cash or electronic form), depositing of such currency held within Nigeria into regulated deposit money banks, and repatriation of offshore-held currency through approved channels. Deposited or repatriated funds can be invested in Permissible Investment Sectors (PIS) or Permissible Investment Instruments (PII), as chosen by the subscriber at subscription, with a minimum investment retention period of five years. The scheme allows eligible persons to voluntarily disclose and deposit or repatriate internationally tradable foreign currency acquired prior to the effective date, with a disclosure window not exceeding nine months from establishment. The Minister has powers to set the effective date, operationalize the scheme, and collaborate with relevant ministries, departments, or agencies.

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