The Nigeria Financial Intelligence Unit (NFIU) has banned the federal, state and local governments from cash withdrawals from government accounts.
This was disclosed by Director and Chief Executive of the NFIU, Modibbo Tukur.
According to Tukur, the move became necessary due to the rate by which monies were taken out of public accounts without recourse to the money laundering laws and sometimes for corruption purposes.
He said despite the introduction of the cash withdrawal limits in the country, a staggering N701 billion cash had been withdrawn between 2015 till date.
The NFIU head also warned banks and government agencies at all levels to move fully online, as all transactions involving public money must be routed through the banks for the purpose of accountability and transparency.
