FG suspends cash withdrawals from all public accounts, defaulters face jail
In line with the introduction of the New Naira Policy, which automatically activates Section 1 of the Prohibition of Money Laundering Act, the Federal Government, through the Nigerian Financial Intelligence Unit, the NFIU immediately suspended cash withdrawals from all public accounts.
Furthermore, the NFIU has denied reports that it will block all federal government accounts beginning January 1.
DAILY POST reports that this was in a statement signed by NFIU Chief Media Analyst Ahmed Dikko on Tuesday.
The guideline follows the new Naira withdrawal policy introduced by the Central Bank of Nigeria (CBN).
The NFIU has urged officials to open accounts domiciled in foreign and local currencies instead of withdrawing cash before the start of the new policy.
According to the statement, NFIU Director/CEO Modibbo Hamman Tukur gave the new directive during a conversation with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.
The statement noted that the introduction of the new policy has become necessary following the constant devaluation of the Naira and the introduction of a new Naira policy, which automatically activates Section 1 of the Naira Act. prohibition of money laundering.
He said the move was necessary following the observation that most cash withdrawals from government accounts, including estacode payments for public officials, often exceed the expected cash withdrawal limit by the law on money laundering.
Development, says NFIU boss, exposes innocent public officials to imprisonment.
Tukur also said that the NFIU is offering notice to the Secretary of the Federation Government, State Governors and Chairpersons of Local Governments nationwide to order all officials to open Domicile and Naira accounts before the start of the Political Naira overhaul.
Tukur said LG governors and presidents should also organize training for market men and women on how to use ATM and POS services.
Tukur also dismissed false claims propagated by uninformed people that the NFIU would block all federal government accounts beginning January 1, 2023.
In line with the introduction of the New Naira Policy, which automatically activates Section 1 of the Prohibition of Money Laundering Act, the Federal Government, through the Nigerian Financial Intelligence Unit, the NFIU immediately suspended cash withdrawals from all public accounts.
Furthermore, the NFIU has denied reports that it will block all federal government accounts beginning January 1.
DAILY POST reports that this was in a statement signed by NFIU Chief Media Analyst Ahmed Dikko on Tuesday.
The guideline follows the new Naira withdrawal policy introduced by the Central Bank of Nigeria (CBN).
The NFIU has urged officials to open accounts domiciled in foreign and local currencies instead of withdrawing cash before the start of the new policy.
According to the statement, NFIU Director/CEO Modibbo Hamman Tukur gave the new directive during a conversation with the Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.
The statement noted that the introduction of the new policy has become necessary following the constant devaluation of the Naira and the introduction of a new Naira policy, which automatically activates Section 1 of the Naira Act. prohibition of money laundering.
He said the move was necessary following the observation that most cash withdrawals from government accounts, including estacode payments for public officials, often exceed the expected cash withdrawal limit by the law on money laundering.
Development, says NFIU boss, exposes innocent public officials to imprisonment.
Tukur also said that the NFIU is offering notice to the Secretary of the Federation Government, State Governors and Chairpersons of Local Governments nationwide to order all officials to open Domicile and Naira accounts before the start of the Political Naira overhaul.
Tukur said LG governors and presidents should also organize training for market men and women on how to use ATM and POS services.
Tukur also dismissed false claims propagated by uninformed people that the NFIU would block all federal government accounts beginning January 1, 2023.
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