The Federal government is about to halt cash withdrawal from all public accounts with immediate effect.
In place of this, public officers will open domiciliary accounts in foreign and local currencies ahead of the new policy.
This was contained in a statement made on Tuesday by the Director/CEO of the Nigerian Financial Intelligence Unit, NFIU, Modibbo Hamman Tukur and made available to the public by NFIU’s Chief Media Analyst, Ahmed Dikko.
He said the new policy came into existence following the steady devaluation of the Naira and the new Naira policy , which automatically activates section 1 of the Money Laundering Prohibition Act.
He also said that it has been observed that cash withdrawals from government accounts are often in excess of the cash withdrawal limit provided by the Money Laundering Act, which exposes innocent public officials to being liable to imprisonment.
He also said that it is untrue that NFIU would block all federal government accounts from January 1, 2023.
