FG Bans Cash Withdrawals From Public Accounts


The Federal Government is to stop cash withdrawal from all public accounts with immediate effect.

In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which comes on the heels of the new Naira withdrawal policy announced by the Central Bank of Nigeria, CBN.

Director/Chief Executive Officer, CEO of Nigerian Financial Intelligence Unit, NFIU, Modibbo Tukur, in a statement, yesterday, gave the new directive at a parley with the Chairman of Independent National Electoral Commission, INEC, Prof. Mahmud Yakubu, in Abuja.

Section 1 of Money Laundering Prohibition Act activated

The statement by the NFIU’s Chief Media Analyst, Ahmed Dikko, said that the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.

The action is also said to have been activated following observation that most cash withdrawals from government accounts, including payments for estacode for public officials, were often in excess of the cash withdrawal limit provided by the Money Laundering Act.

CBN reduces cash withdrawals to N100k, N500k weekly for individuals, companies

The development, according to the NFIU boss, exposes innocent public officials to being liable to imprisonment


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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