Nigeria has launched a nine-month amnesty program to encourage individuals to bring their stashed dollars back into the banking system, in a bid to revive the struggling naira. The program, which started on October 31, offers a secure and confidential channel for people to reintegrate their legitimate foreign currency funds, promoting stability and growth for the nation.

According to Finance Minister Wale Edun, individuals participating in the program will not face tax audits or have their assets seized, and will only need to meet the normal Know Your Customer criteria of banks. This influx of dollars is expected to bolster the country's reserves and positively influence the exchange rate.

The naira, which has been experiencing a steep decline, dropped 2.7% to a record low of 1,675.40 per dollar on Thursday, making it Africa's second-worst performer this year after the Ethiopian birr. The amnesty program comes as part of President Bola Tinubu's reforms to allow the naira to float more freely, ending a system of multiple exchange rates.