NFIU bans cash withdrawals from government accounts as Nigeria set to go cashless from March 1.

NFIU bans cash withdrawals from government accounts as Nigeria set to go cashless from March 1.

The Nigerian Financial Intelligence Unit (NFIU) has banned cash withdrawal from all federal, state and local government accounts. Modibbo Tukur, NFIU director-general, spoke to journalists at a conference in Abuja on Thursday. He said the ban would take effect on March 1, 2023.

He said the agency will launch investigations against any public officials engaged in cash transactions after the end of February this year. It warned that defaulters that withdraw cash from public accounts risks collaborative investigation by the Nigeria Financial Intelligence Unit (NFIU),EFCC and ICPC.

Tukur who said defaulters risk 3 years jail term, explained that under the guidelines, only the President can give a waiver for any cash above the approved daily threshold to be withdrawn for any urgent or emergency reasons. He also said the decision was in line with Nigeria’s transition to a fully cashless economy initiated by the CBN.