Nigeria has launched a dollar amnesty program to bring foreign currency held outside the banking system back into circulation, in a bid to revive the struggling naira. The program, which started on October 31, aims to mobilize idle dollars into the financial system, bolstering the country's reserves and positively influencing the exchange rate.

According to Finance Minister Wale Edun, individuals participating in the program will not face tax audits or have their assets seized, and the program will remain open for nine months. This initiative presents a unique opportunity for individuals to comply with laws and standard business practices, and to mobilize idle dollars into the financial system.

The naira has been struggling, dropping 2.7% to a record low of 1,675.40 per dollar, and residents have increasingly turned to dollar hoarding as a safeguard. The amnesty program is seen as a step towards addressing the low liquidity in the foreign exchange market, which has been a major challenge for the naira.