Finance

FG to ban cash withdrawal public accounts

Nigeria’s FX convergence journey hits brickwall

The federal government is putting measures in place to stop cash withdrawal from Federal, States and Local Government accounts. A statement by the Chief Media…

The federal government is putting measures in place to stop cash withdrawal from Federal, States and Local Government accounts.

A statement by the Chief Media Analyst, Ahmed Dikko, said the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, stated this yesterday at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu.

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According to the NFIU CEO, “Because of the consistent devaluation of the Naira and the introduction of a new Naira Policy, section 1 of the Money Laundering Prohibition Act is automatically activated.”

Tukur further stated that most cash withdrawals from government accounts including payments for estacode are often in excess of the cash withdrawal limit provided by the Money Laundering Act. This, he said, exposes innocent Public Servants to being liable to imprisonment. 

He also said the NFIU is already developing an advisory to the Secretary to the Government of the Federation, all governors and local government council chairmen to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

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Tukur said governors and council chairmen will also need to organize training for market men and women on how to use ATM and PoS Services.

The NFIU Chief Media Analyst, Ahmed Dikko, in the statement also refuted reports that the NFIU will block federal government accounts in January 2023.

Thenation

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