The Nigerian Financial Intelligence Unit (NFIU) has banned cash withdrawal for all federal and states accounts, effective March 1, 2023.
NFIU Director General, Modibo Tukur, who disclosed this to journalists at a conference in Abuja on Thursday, said the agency will trigger investigation processes on any public office holder who engages in cash transactions after the end of February this year.
He said the NFIU will collaborate with the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), and the Nigeria Police Force (NPF) in investigating government officials that withdraws cash from public accounts
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According to Modibbo, the directive to go cashless will help to curb corruption in public offices, as the country’s money laundering laws as well as other anti-graft laws will be fully applied on erring government officials.
The NFIU boss also noted that the decision is in accord with Nigeria’s full transition into a cashless economy started by the Central Bank of Nigeria (CBN).