The Federal Government is set to stop cash withdrawal from all public accounts, according to a statement credited to the financial intelligence unit.
In place of cash withdrawals, all public office holders are expected to open domiciliary accounts in foreign and local currencies against the full implementation of the new policy, coming on the heels of the new guidelines on Naira withdrawal introduced by the Central Bank of Nigeria, CBN.
The Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit, NFIU, Modibbo Tukur, had on Tuesday stated that the new directive was in collaboration with the Chairman of the Independent National Electoral Commission, INEC, Prof. Mahmud Yakubu, in Abuja.
The statement from the NFIU’s office noted that the introduction of the new policy became essential following the constant devaluation of the Naira.
The effort is also said to have become important following the discovery that most cash withdrawals from public accounts were often outrageous cash withdrawals which contravene the money laundering act
