NFIU bans withdrawal from govt’s accounts

January 5, 2023
8 Views

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.

Donate Now

You may be interested

Aribo Missing As Newcastle Pip Southampton In Carabao Cup Semi Final First Leg
Sports
Sports

Aribo Missing As Newcastle Pip Southampton In Carabao Cup Semi Final First Leg

Webby - January 24, 2023

Super Eagles midfielder, Joe Aribo was conspicuously missing as Newcastle United defeated Southampton 1-0 in the first leg of the…

Breaking! Fire Guts Popular Plaza in Eke Awka Market
News
News

Breaking! Fire Guts Popular Plaza in Eke Awka Market

Webby - January 24, 2023

Advertisement By Izunna Okafor, Awka Fire outbreak, on Tuesday night, gutted the popular and ever-busy Ezenwa Plaza in Eke Awka…

Akpoguma Recovers From Knock To Help Hoffenheim Earn Draw Vs Stuttgart As Ejuke’s Hertha Berlin Hammered 5-0
Sports
Sports

Akpoguma Recovers From Knock To Help Hoffenheim Earn Draw Vs Stuttgart As Ejuke’s Hertha Berlin Hammered 5-0

Webby - January 24, 2023

Super Eagles defender Kevin Akpoguma was in action for Hoffenheim who forced visiting Stuttgart to a 2-2 draw in the…

Leave a Comment

Your email address will not be published.