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.
Join the conversation
Opinions
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
You may be interested
In Anambra, 40-Year-Old Man Defiles His 9-Year-Old Only Child, Bags 10 years Imprisonment
Webby - March 28, 2024By Izunna Okafor, Awka A Children, Sexual and Gender-Vased Violence Court sitting in Awka, Anambra State capital, has slammed a…
Abducted editor, Segun Olatunji, regains freedom after 12 days in DIA custody
Webby - March 28, 2024The Editor of FirstNews, a Lagos-based online news platform, Segun Olatunji, has regained his freedom 12 days after he was…
FAAN shuts KFC outlet for allegedly discriminating against ex-Ogun Gov’s disabled son
Webby - March 28, 2024The management of the Federal Airports Authority of Nigeria (FAAN), on Thursday, ordered the immediate closure of a KFC outlet…