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Just In: Why Buhari Banned Withdrawal From All Govt Accounts

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Just In: Why Buhari Banned Withdrawal From All Govt Accounts

Just In: Why Buhari Banned Withdrawal From All Govt Accounts.

The President Muhammadu Buhari-led Federal Government has ordered the stoppage of all cash withdrawals from all government accounts.

The order which is to take immediate effect is part of efforts to support the cash withdrawal limits of the Central Bank of Nigeria, CBN, which takes effect from January 9, 2023.

The CBN cash withdrawal policy demands that weekly cash withdrawals are fixed at N100,000 for individuals and N500,000 for corporates. Maximum cash withdrawal at POS terminals has also been reduced to N20,000 daily.

The order was made known by the Chief Executive Officer of the Nigerian Financial Intelligence Unit, NFIU, Modibo Tukur, at a parley with the Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmud Yakubu, in Abuja, on Tuesday.

Just In: Why Buhari Banned Withdrawal From All Govt Accounts

According to the directive, henceforth, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy which follows the new naira withdrawal policy introduced by the CBN.

It was gathered that the police were activated following the observation that most cash withdrawals from government accounts including payments for estacode for public officials were often in excess of the cash withdrawal limit provided for by the Money Laundering Act.

However, in a statement that was signed by the NFIU’s, the Chief Media Analyst, Ahmed Dikko, the NFIU boss said the practice exposed innocent public officials to the risk of imprisonment.

Mr. Tuku said the introduction of the new policy became imperative following the consistent devaluation of the naira and the introduction of a new naira policy in line with section 1 of the Money Laundering Prohibition Act.

Mr. Tukur also said the NFIU was in the process of developing an advisory to the secretary to the government of the federation, state governors, and local government chairmen across the country to direct all public servants on their employment to open domiciliary and naira accounts ahead of the commencement of the policy which becomes compulsory by law.

Mr. Tukur said governors and local council chairmen are expected to organize training for traders on how to use ATM and PoS services. Tukur also dismissed false claims in some quarters that the NFIU would block all federal government accounts from January 1, 2023.

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Just In: Why Buhari Banned Withdrawal From All Govt Accounts.

From Toktok9ja Media

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