The Federal Government has announced plans to stops cash withdrawals on federal, state, local government, MDAs accounts.
A statement issued by t, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Modibbo Hamman Tukur, Tuesday stated that public personnels are to open domestic accounts in both foreign and local currencies prior to the implementation of the new policy in substitution of cash withdrawals.
Tukur explained that the new policy was essential as a result of the consistent devaluation of the naira and the implementation of a new naira policy, which immediately triggers Section 1 of the Money Laundering Prohibition Act.
While claiming that the development puts innocent public officials at risk of incarceration, Tukur explained that the
Intelligence unit,, is already working on a recommendation for the Secretary to the Government of the Federation, state governors, and local government chairmen across the nation, advising them to tell all public employees under their control to open domiciliary and naira accounts before the policy takes effect and becomes mandated by law.
The move comes amid controversy rocking the CBN weekly cash withdrawal limit for individuals and corporate bodies
The Federal Government had pegged weekly withdrawal for individuals at N100,000 and N500,000 for organisations.
Talks are currently ongoing between the National Assembly and the Presidency over the controversial withdrawal policy
The Speaker of the House of Representatives,Femi Gbajiabiamila was reported to be in a closed door meeting with President Muhammadu on Tuesday.
