NFIU bans cash withdrawals from govts’ accounts

The Nigeria Financial Intelligence Unit (NFIU) has banned cash withdrawals from all bank accounts belonging to the federal, states, and local governments.

The Chief Executive Officer of the NFIU, Modibbo Tukur, who disclosed this in a statement on Thursday in Abuja, said the directive would take effect from March 1.

He said all government transactions that exceed the approved daily withdrawals by the Central Bank of Nigeria under the new monetary policy would be done through electronic transfer.

READ ALSO: Court dismisses govs suit challenging NFIU’s guidelines on local councils’ accounts

He added that any government official that withdraws cash from public accounts would be investigated by the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC) and the police in collaboration with the NFIU.

He, however, noted that only the president could give a waiver for any cash withdrawal above the approved daily threshold.

“With the implementation of this guideline, Nigeria has been taken into a non-cash economy with effect from March 1, 2023,” Tukur stated.

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