NFIU to enforce cash withdrawal limit on governments’ accounts

The federal government is putting all necessary measures in place to stop cash withdrawal from federal, states and local government accounts.

The Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, said this at a parley with the Chairman of Independent National Electoral Commission (INEC), Professor Mahmud Yakubu.

“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,” he said.

READ ALSO: PoS operators vow to protest CBN’s cash withdrawal limit policy

He 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.

This, he said, exposes innocent public servants to being liable to imprisonment.

He said the NFIU is already developing an advisory to the Secretary to the Government of the Federation, all governors and local government chairmen to direct all public servants to open domiciliary and Naira accounts ahead of the commencement of the policy which becomes compulsory by law.

He said governors and local government chairmen need to organise training for market men and women on how to use ATM and POS services.

In the same vein, the NFIU Chief Media Analyst, Ahmed Dikko, has refuted the news going round that the NFIU will block Federal Government Accounts in January 2023.