JUST IN: NFIU bans Cash Withdrawals from Government Accounts effective March

The Nigeria Financial Intelligence unit, NFIU has announced a ban on cash withdrawals from Government accounts

Effective from March 1, 2023, any government official that withdrawals cash from public accounts risks investigation and collaboration by the Nigeria Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices Commission (ICPC).

Director and Chief Executive Officer, NFIU, Modibbo Haman Tukur, who confirmed the latest development on Thursday in Abuja at a press briefing, disclosed that the decision syncs with full transition of Nigeria into cashless economy which the Central Bank of Nigeria (CBN) has been leading.

The NFIU therefore directed federal, state and local governments in the country to put necessary measures in place to ensure the smooth operationalization of the new policy.

In particular, the different tiers of government are to deploy technology and train their staff to be able to apply the new policy from the stipulated date.

Modibbo said, “With the implementation of this guideline, Nigeria has been taken into a non-cash economy with effect from March 1, 2023”

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