FG bans cash withdrawals from public accounts
*Public officers to open domiciliary accounts in foreign, local currencies, *Section 1 of Money Laundering Prohibition Act activated, *NFIU developing advisory to SGF, govs, LGs, *Policy strengthens latest CBN cash withdrawal limit policy *Govs, LGs to organise training for market men, women on use of ATM, PoS services — NFIU *Denies plan to block FG accounts Jan 1, 2023 The Federal Government has imposed an immediate ban on cash withdrawals from all public accounts. Instead of cash withdrawals, public officers must open domiciliary accounts in foreign and local currencies prior to the implementation of the new policy, which follows the Central Bank of Nigeria's (CBN) new Naira withdrawal policy. Modibbo Tukur, Director/Chief Executive Officer, CEO of the Nigerian Financial Intelligence Unit, NFIU, issued the new directive during a meeting with the Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmud Yakubu, in Abuja. Section 1 of Money Laundering Prohibiti...