, BREAKING: NFIU reports that FG will stop cash withdraw from government accounts -

BREAKING: NFIU reports that FG will stop cash withdraw from government accounts

According to the Nigerian Financial Intelligence Unit (NFIU), the government intends to halt cash withdrawals from accounts belonging to the federal, state, and local governments.

This information was provided by Ahmed Dikko, the NFIU’s top media analyst, in a statement that was signed by the organization’s director/CEO, Modibbo Tukur, on Tuesday.

Tukur met with Mahmud Yakubu, the head of the Independent National Electoral Commission (INEC), on Monday, the statement said.

“The administration is taking all necessary steps to halt cash withdrawals from accounts belonging to the federal, state, and local governments, he said.

“Section 1 of the money laundering prohibition act is automatically triggered as a result of the ongoing devaluation of the naira and the implementation of a new currency policy.

Furthermore, according to Tukur, the majority of cash withdrawals from government accounts, including payments for estacode, frequently exceed the cash withdrawal cap stipulated under the money laundering legislation.

He claimed that doing so puts government workers in jail.
Tukur added that the NFIU has already produced guidelines for the secretary to the government of the federation, all governors, and local council chairs, advising them to direct all civil officials to create domiciliary and naira accounts ahead of the start of the new fiscal year.

He denied, nevertheless, that the NFIU will begin blocking FG accounts in January 2023.

The Central Bank of Nigeria’s (CBN) cash withdrawal policy, which sets the weekly cash withdrawal limits at N100,000 for individuals and N500,000 for corporations, served as the basis for the unit’s decision.

The daily cap on cash withdrawals from POS terminals has also been lowered to N20,000.

On January 9, 2023, the rule is supposed to go into effect countrywide.

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