The Nigerian Financial Intelligence Unit (NFIU) says the
government is planning to stop cash withdrawals from federal, states and local
government accounts.
Modibbo Tukur, director/chief executive officer (CEO), NFIU,
disclosed this in a statement on Tuesday, signed by Ahmed Dikko, the unit’s
chief media analyst.
According to the statement, Tukur spoke at a parley with
Mahmud Yakubu, chairman of Independent National Electoral Commission (INEC), on
Monday.
“The government is putting all necessary measures in place
to stop cash withdrawal from federal, states and local government accounts,” he
said.
“Because of the
consistent devaluation of the naira and the introduction of a new naira policy,
section 1 of the money laundering prohibition act is automatically activated”.
Tukur further said most cash withdrawals from government
accounts — including payments for estacode — are often in excess of the cash
withdrawal limit provided by the money laundering act.
He said this puts public servants at risk of imprisonment.
Additionally, Tukur said the NFIU has already prepared
recommendations to the secretary to the government of the federation; all
governors; and local council chairs, directing all civil servants to open
domiciliary and naira accounts prior to the commencement of the policy.
The NFIU CEO said governors and council chairmen will also
need to organise training for market men and women on how to use automated
teller machine (ATM) and point of sale (POS) services.
However, he refuted reports that the NFIU will block FG
accounts in January 2023.
Meanwhile, the unit’s decision comes on the back of the
Central Bank of Nigeria’s (CBN) cash withdrawal policy, where weekly cash
withdrawals are fixed at N100,000 for individuals and N500,000 for corporates.
Maximum cash withdrawal at POS terminals has also been
reduced to N20,000 daily.
The policy is scheduled to take effect nationwide from
January 9, 2023.
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