CITIZENS COMPASS- WITH immediate effect, public account holders in Nigeria will no longer have access to cash withdrawal from all public accounts.
A statement made available to our correspondent on Tuesday, December 20, 2022 said this was the latest decision of the Federal Government of Nigeria.
The Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, gave the new directive at a parley with the Chairman of Independent National Electoral Commission (INEC), Prof. Mahmud Yakubu, in Abuja.
In place of cash withdrawals, public officers are to open domiciliary accounts in foreign and local currencies ahead of the commencement of the new policy, which follows on the heels of the new Naira withdrawal policy introduced by the Central Bank of Nigeria.
The statement, which was signed by the NFIU’s Chief Media Analyst, Ahmed Dikko, said that the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.
