Beginning on March 1, 2023, the Nigeria Financial Intelligence Unit (NFIU) has outlawed cash withdrawals from any bank accounts held by federal, state, or municipal governments.
This was disclosed on Thursday in Abuja by Modibbo Tukur, Director and Chief Executive Officer of the NFIU.
According to him, depending on the seriousness of the situation, the Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission, and the Nigeria Police Force working with the NFIU may all conduct investigations into any government official who withdraws money from public accounts.
According to the regulations, only the President could grant a waiver for any cash withdrawals above the daily limit that was necessary for urgent or emergency situations, according to Modibbo.
Under the new monetary policy, if the sum exceeds the Central Bank of Nigeria’s permitted daily withdrawals, all government transactions will be conducted on the basis of electronic transfer.
With the implementation of this directive, Nigeria has transitioned into a non-cash economy as of March 1, 2023, according to Modibbo.
He said that local governments and state governments have each taken out N156 billion in cash from 2015 to the present, exceeding the N225 billion declared by the federal government, notwithstanding the imposition of cash withdrawal caps in the nation.
