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FG Offers Nine-month Amnesty for Illegal Dollar Holdings
Federal Government on Thursday announced a nine-month programme beginning on October 31 that allows individuals to deposit dollar bills held outside the formal banking system without scrutiny.
It said the new initiative aims to address the rising costs of commodities influenced by the foreign exchange rate, driven by demand and supply dynamics.
Wale Edun, finance minister and coordinating minister of the Economy, revealed this after the 144th meeting of the National Economic Council, the country’s highest economic advisory body, chaired by Vice President Kashim Shettima at the State House, Abuja.
“There will be no penalty; there will be no taxes, and there will be no questions,” he told journalists at a briefing after Thursday’s conclave.
Edun said that, under this programme, individuals can bring in U.S. dollars in cash without facing penalties, taxes, or scrutiny, provided that the funds are not linked to criminal or illicit activities.
Participants will only need to meet the standard Know-Your-Customer requirements set by banks to secure these funds, integrate them into the financial system, and make them accessible for legitimate economic activities.
He explained, “One element of the cost increase is the foreign exchange rate, which is demand and supply. There will be a programme starting today, October 31, and lasting nine months that will allow people to bring in cash outside the banking system.
“[Such cash] is unsafe, insecure and outside legal limits. They will be allowed forbearance to bring dollars cash. Let me emphasise once again: it is to bring dollars that they are holding outside the system to get them in and credit it to their bank accounts, as long as it is not proceeds of crime or illicit money.
“They should just meet the standard Know-Your-Customer criteria of banks and have an opportunity to bring in those funds, making them safe, secure, and available through regular economic activity.
Edun said his ministry will first issue guidelines for the programme, followed promptly by additional guidelines from the Central Bank.
According to the Minister, this measure offers law-abiding individuals a way to formalise their cash holdings. It also provides the financial system with additional dollar reserves, which may help to stabilise the exchange rate.
“This is an opportunity, not just for people who would normally like to comply, to be compliant with the laws and normal business practice, but of course, it allows us to bring those dollars from where they are doing nothing to where they are within the financial system, they add to our reserves, and of course can help with the exchange rate,” he added.
Edun equally gave an update on government economic relief measures, saying 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
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NIMC Introduces Paid National ID Card Amid Low Revenue
Nigerians will start paying for the new national identity card due to low revenue, according to National Identity Management Commission (NIMC).
Dr Peter Iwegbu, head of card management services at NIMC, said the payment was to ensure that it was produced for only those who needed it.
Iwegbu stated this at the two-day conference organized for journalists in Lagos.
He also added that the decision was made to avoid repeating the mistake of the past efforts to issue physical cards to Nigerians for free, which many did not collect.
“The government’s limited revenue is also a major factor in the decision to make Nigerians pay for the new ID card,” he said.
Iwegbu explained that due to the low revenue generated, the government could not fund the production of ID cards.
Mr Lanre Yusuf, director of Information Technology at NIMC, explained that the idea of a free national ID card in the past was not productive.
“To get the new national ID card, Nigerians will need to make a payment, select a pickup location, and then collect their card from the chosen location. The government has implemented programmes to make the card accessible to the less privileged Nigerians who cannot afford it but require it to access government support.”
“This initiative demonstrates the government’s commitment to inclusivity and equality,” Yusuf said.
He said that the versatile cards were scheduled to launch soon, and sample test cards had already been received.
“NIMC is working with banks across the country, which will make it possible for people to walk into any bank closest to them and request the card.”
“The new national ID card is a multipurpose card that can serve the purpose of identity verification, payments, and even government services,” he said.
The card will be enabled for all government interventions and services across various ministries, departments, and agencies. The card, powered by AfriGO, was launched in partnership with the Central Bank of Nigeria and the Nigeria Interbank Settlement System.
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Cycling Enthusiasts Gear Up for FXTM-Sponsored Lagos Monthly Crit
Cycling enthusiasts, gear up for an exhilarating experience this Saturday, November 23rd, as FXTM proudly sponsors the Lagos State Monthly Crit at Dolphin Estate, Ikoyi, Lagos.
Interested participants should register at 6:30 AM and prepare for the main race, kicking off at 7:30 AM. Participants will compete for four thrilling hours in three categories: Professional, Junior, and Veteran.
The top prize starts at $500, adding an exciting competitive edge to the event. There will also be refreshments, music and an opportunity to socialize with like-minded individuals.
FXTM, known for its global commitment to promoting fitness through charitable cycling events, is thrilled to bring this spirited race to Lagos. Riding has always been synonymous to freedom, matching the company’s value of freedom to succeed.
The event not only aims to foster a love for cycling but also to enhance community fitness and well-being.
The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “We are thrilled and delighted to sponsor this event as part of our charitable project.
“We look forward to an exciting time with all participants from all works of life. It’s going to be action packed event.”
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Google Rolls Out AI-Powered Theft Detection for Android 15
Thembi Alfreds was driving home from a soccer match in Johannesburg when she stopped at a traffic light. A thief suddenly appeared and smashed the window of her car, grabbing her phone. She struggled with the thief but they managed to get away with the phone.
The incident left her feeling violated and unsafe. Not only did she lose personal memories, like photos of her children, but her personal and financial information stored on the phone was now compromised.
Phone theft is a serious concern in many countries across Africa, including South Africa, where Thembi’s situation highlights the need for better phone theft solutions.
Smartphone usage is on the rise in Sub-Saharan Africa, with adoption rates reaching 61% in Kenya, 31% in Uganda, and 24-25% in Rwanda and Burundi. This increased uptake has been accompanied by a rise in cellphone theft, as these devices become attractive targets for criminals due to their resale value and sensitive data within. This poses a significant challenge that can have serious consequences for both individuals and businesses in the region.
According to the GSMA Consumer Survey 2023, 19% of mobile phone users in South Africa experienced theft or loss of their device in the past year.The GSMA reports millions of devices stolen every year, and the numbers continue to grow. With our phones becoming increasingly more valuable & central to storing sensitive data, like payment information and personal details, losing one can be an unsettling experience.
Phone theft can be a traumatic experience, but there are steps that can be taken to reduce the risk and protect personal information. That’s why we have developed and thoroughly beta tested, a full suite of features designed to protect you and your data at every stage – before, during, and after device theft.
These advanced theft protection features are now available to users around the world through Android 15 and a Google Play Services update (Android 10+ devices).
Theft Detection Lock uses powerful AI to proactively protect you at the moment of a theft attempt. By using on-device machine learning, Theft Detection Lock is able to analyze various device signals to detect potential theft attempts. If the algorithm detects a potential theft attempt on your unlocked device, it locks your screen to keep thieves out.To protect your sensitive data if your phone is stolen, Theft Detection Lock uses device sensors to identify theft attempts.
This feature is rolling out gradually to ensure compatibility with various devices, starting today with Android devices that cover 90% of active users worldwide. Check your theft protection settings page periodically to see if your device is currently supported.
In addition to Theft Detection Lock, Offline Device Lock protects you if a thief tries to take your device offline to extract data or avoid a remote wipe via Android’s Find My Device. If an unlocked device goes offline for prolonged periods, this feature locks the screen to ensure your phone can’t be used in the hands of a thief.
If your Android device is lost or stolen, Remote Lock can quickly help you secure it. Even if you can’t remember your Google account credentials in the moment of theft, you can use any device to visit Android.com/lock and lock your phone with just a verified phone number. Remote Lock secures your device while you regain access through Android’s Find My Device – which lets you secure, locate or remotely wipe your device. As a security best practice, we always recommend backing up your device on a continuous basis, so remotely wiping your device is not an issue.
These features are now available on most Android 10+ devices via a Google Play Services update and must be enabled in settings.
Advanced security to deter theft before it happens
Android 15 introduces new security features to deter theft before it happens by making it harder for thieves to access sensitive settings, apps, or reset your device for resale:
- Changes to sensitive settings like Find My Device now require your PIN, password, or biometric authentication.
- Multiple failed login attempts, which could be a sign that a thief is trying to guess your password, will lock down your device, preventing unauthorized access.
- And enhanced factory reset protection makes it even harder for thieves to reset your device without your Google account credentials, significantly reducing its resale value and protecting your data.
Later this year, we’ll launch Identity Check, an opt-in feature that will add an extra layer of protection by requiring biometric authentication when accessing critical Google account and device settings, like changing your PIN, disabling theft protection, or accessing Passkeys from an untrusted location. This helps prevent unauthorized access even if your device PIN is compromised.
Real-world protection for billions of Android users
By integrating advanced technology like AI and biometric authentication, we’re making Android devices less appealing targets for thieves to give you greater peace of mind. These theft protection features are just one example of how Android is working to provide real-world protection for everyone. We’re dedicated to working with our partners around the world to continuously improve Android security and help you and your data stay safe.
You can turn on the new Android theft features by clicking here on a supported Android device. Learn more about our theft protection features by visiting our help center.
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