The Nigeria Financial Intelligence Unit has banned cash withdrawals from accounts belonging to the Federal Government, all its agencies, and also state and local governments.
The NFIU announced this would take effect from March 1, 2023, adding that any government official that withdraws cash from public accounts risks investigation depending on the gravity of the situation.
Addressing journalists, the NFIU CEO, Moddibo Tukur, said the ban was necessary to curb the rate at which monies are withdrawn from public accounts in flagrant disregard to the money laundering laws and sometimes for corruption purposes.
He mentioned that The rate of withdrawals above the threshold from public accounts has been alarming, over N701billion has been withdrawn in cash from 2015 till date.