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Nigeria Moves To Ban Officials From Withdrawing Cash From Government Accounts

2 years agoSat, 07 Jan 2023 17:57:52 GMT
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Nigeria Moves To Ban Officials From Withdrawing Cash From Government Accounts

Nigerian officials will be barred from withdrawing cash from government accounts from March 1, 2023 in an attempt to curb money laundering.

The new rules, which will apply to federal, local and state officials, are in line with government efforts to move Africa’s most populous nation toward a cashless economy, Reuters reported citing a statement by the head of the Nigerian Financial Intelligence Unit (NFIU) Modibbo R. HammanTukur. Read the statement:

Civil servants are becoming more and more vulnerable to money laundering and its predicate offences due to their exposure to cash withdrawals from public accounts,” NFIU director and chief executive Modibbo R. HammanTukur said in the statement.

In the unlikely event that a public official feels he may need cash withdrawal, he may apply for approval for waiver from the presidency which may be granted on case-by-case basis.

NFIU analysis found that from 2015 to 2022, officials withdrew nearly 1.1 trillion naira ($2.45 billion) from government accounts – most of it exceeding previous withdrawal limits.

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Last month, Nigeria’s central bank began circulating newly designed 200, 500 and 1,000 naira notes and limited weekly cash withdrawals in order to curb inflation and move towards a cashless economy.

Almost 85% of the 3.23 trillion naira ($7.2 billion) in cash in circulation is now held outside of banks.

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4 Comments

🆔️'DAILY SP⚽️RTS BLITZ' · 2 years ago
📰Black Rhinos Goalkeeper Simbarashe Khosi Has Died* The nation is saddened by the news of the sudden death of prominent Black Rhinos goalkeeper Simbarashe Khosi. He died at the age of 26. The goalie died in the early hours of Saturday due to a chest infection as reported by Black Rhinos management. Representing Voice of the voiceless @National law & Justice
,,, Dott · 2 years ago
@national lawTazvinzwa kare wani ndoya. ngonyaya hre
Jamutingo · 2 years ago
They withdraw large sums of cash voisa pamusika mutema.iwewe zvako jamutingo you are not allowed to withdraw cash unenge uchipuwa limit.thus you buy the cash from them,ivo vachinota bank balance ichikura vodzokera futi vono withdrawer.chi game chacho vaka chimaster wena.zviriko wani.unopuwa mukana wekutenga forex ne official rate pa auction then woendesa cash pamusika mutema.bank balance yozvimba wodzokorora futi uchiisa mari panodziya.these African leaders are using the same modus operandi to steal from the poor.
Wchemel · 2 years ago
Chineke woo.Ogaa com and see woo
Nkust · 2 years ago
But zvato commenter pano papindula pane kwazvohwikwa here kana kty kungozvipinza busy zvedu

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