Nigerian Government Bans Cash Withdrawals From Public Accounts

The Federal Government is to stop cash withdrawal from all public accounts with immediate effect.

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 comes on the heels of the new Naira withdrawal policy announced by the Central Bank of Nigeria, CBN.

Director/Chief Executive Officer, CEO of Nigerian Financial Intelligence Unit, NFIU, Modibbo Tukur, in a statement, yesterday, gave the new directive at a parley with the Chairman of Independent National Electoral Commission, INEC, Prof. Mahmud Yakubu, in Abuja.

The action is also said to have been activated following 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 by the Money Laundering Act.

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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