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.

Section 1 of Money Laundering Prohibition Act activated

The statement by the NFIU’s Chief Media Analyst, Ahmed Dikko, said that the introduction of the new policy became necessary following the consistent devaluation of the Naira and the introduction of a new Naira Policy, which automatically activates Section 1 of the Money Laundering Prohibition Act.

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.



The development, according to the NFIU boss, exposes innocent public officials to being liable to imprisonment.


NFIU developing advisory to SGF, state governors, LGs

Tukur also said the NFIU was already developing an advisory to the Secretary to the Government of the Federation, state governors and local government chairmen across the country to direct all public servants in their employ to open domiciliary and Naira accounts ahead of the commencement of the policy, which becomes compulsory by law.

Govs, LGs need to organise training for market men, women on use of ATM, PoS Services—NFIU

Tukur said governors and local government chairmen would also need to organise training for market men and women on how to use ATM and PoS Services.

Denies plan to block FG accounts Jan 1, 2023


Tukur described as false, claims by some persons that the NFIU would block all Federal Government accounts from January 1, 2023.

Policy strengthens latest CBN cash withdrawal limit policy

This move by NFIU is expected to give stronger teeth to the enforcement of the latest CBN policy on cash withdrawal limits where corporate and individual withdrawing amounts above the specified limits can easily be tracked by security agents.

The apex bank, in a circular issued to financial institutions, dated December 6, 2022, and signed by the CBN Director, Banking Supervision, Haruna Mustafa, stated that individuals and corporate organisations’ withdrawal limits are not to exceed N100,000 and N500,000 respectively per week.

Withdrawals above these limits, the circular stated, will attract processing fees of five per cent for individuals and 10 per cent for corporate organizations.


“Third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10,000,000 on clearing cheques still subsist,” it said.

The circular also stated that the maximum cash withdrawal per week via ATM shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day as “only denominations of N200 and below shall be loaded into the ATMs.“likewise, the maximum cash withdrawal via point of sale (PoS) terminal was fixed at N20,000 daily.

“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5,000,000.00 and N10,000,000.00 for individuals and corporate organizations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.”

To be eligible for the special withdrawals above the stipulated limit, the CBN said individuals and corporate organizations will have to upload on a CBN portal created for the purpose valid means of identification of the payee such as National ID, International Passport, Driver’s License, Bank Verification Number (BVN) of the payee.

Also, to be made available to the CBN will be the notarised customer declaration of the purpose for the cash withdrawal, senior management approval for the withdrawal by the Managing Director of the drawee, where applicable and approval in writing by the MD/CEO of the bank authorizing the withdrawal.

https://www.vanguardngr.com/2022/12/fg-bans-cash-withdrawals-from-public-accounts-2/

Interesting

https://www.youtube.com/watch?v=T0JOU8Ex3ME

New financial regulations are flying around lately. I just hope all these efforts will be worth it because naira is losing its value at an alarming rate, thereby encouraging many Nigerians to run away from the country.

If the best brains in this country move to the West, we will have the worst of us running the affairs of this country. The future of Nigeria is bleak.

Buhari is doing absolutely everything to deliver free, fair and credible elections.

It's up to the Nigeria people to vote wisely.

He has made his position known, it's up to us now

This administration is working against Tinubu indirectly if you knw you knw

Hmmm
Buhari tackling PDAPC left and right.
Cos na only both of them get access to public accounts.
BUHARI IS OBIDIENT

michlins:
Buhari is doing absolutely everything to deliver free, fair and credible elections.

It's up to the Nigeria people to vote wisely.

He has made his position known, it's up to us now

Why didn't he initiate the policy when he was in active service?

Pickmycall:
Why didn't he initiate the policy when he was in active service?

I really don't know how to respond to this. Is he out of service or you don't like the policy or you literally hate him that even the good policies of his administration look bad to you or that it will adversely affect your candidate.

Your response will help me answer your question

Jagaban lo kan

Supposing Doyin is a member of Tinubu campaign not to talk of Campaign director, hummmmm this space would have been Hot �� for Batis but since it has got nothing to do with Tinubu they pretended they didn't see it or hear the news.

Omo buhari is really not joking. The man wan finally write him name for gold. He wants to leave a lasting impression, that he did his bit! This is to tell u that he knows wat needs to be done but refused to do it.

awoniyi1236:
This administration is working against Tinubu indirectly if you knw you knw

shey Atiku, peter obi, kwakwanso or Sowore no dey withdraw money? Everytime you people will be shouting they are working against tinubu, is it that your jagaban cant win election without vote buying?

Tinubu the druggie master must be tamed

fuckJones:
Supposing Doyin is a member of Tinubu campaign not to talk of Campaign director, hummmmm this space would have been Hot �� for Batis but since it has got nothing to do with Tinubu they pretended they didn't see it or hear the news.

Ganduje is a member of Tinubu campaign team na

Tinubu himself is a drug lord

Orji kanu

Chimaroke

Una want make tinubu share old naira notes for election?
This election go be town hall meeting
This election go be a dead fish that cannot be sweet in a soup.
What a bulaba

If you have two accounts or more, you can distribute to those accounts and make your withdrawal. Twenty thousand times two or more that's more than Twenty thousand per day.

Nasso

edogu:
If you have two accounts or more, you can distribute to those accounts and make your withdrawal. Twenty thousand times two or more that's more than Twenty thousand per day.

Easily tracked and also a lot of work.

Roboto11:


Easily tracked and also a lot of work.

Well, my suggestion is not for public account but for individuals.

Good policy, if is well implimented...
But if you think the major presidential candidates,lyk, BAT, AA, PO, cant bypass these, u might be wrong, i just laff wen some peole give opinions on policy base on the believe it wil affect d major party...PEOPLE THAT BANK MANAGES ARE INSIDE THERE POCKET

Buhari is dealing with Thiefnubuu left, right and center. Thiefnubuu maa lu'le sha ni.

Who r dey fighting?

Bcus I know this is politics moved

What do I know rader Dan spread the love of #dds

Try me

edogu:
If you have two accounts or more, you can distribute to those accounts and make your withdrawal. Twenty thousand times two or more that's more than Twenty thousand per day.

You won't be able to do that

awoniyi1236:
This administration is working against Tinubu indirectly if you knw you knw

It cannot affect Tinubu. He makes his money through informal sector- market and transport levies are collected by thugs and agberos. Agberos do cash transactions with marketers and drivers. Billions are being made monthly and ghana must go bags loaded with money would be handed over to Tinubu.
He would have enough money to prosecute election.

edogu:
If you have two accounts or more, you can distribute to those accounts and make your withdrawal. Twenty thousand times two or more that's more than Twenty thousand per day.

It's not good for someone who does personal business....not every business will open corporate account....

Globad:


You won't be able to do that

Why? You mean I can't withdraw 20000 from different account as an individual? Is it because of BVN?

So far a Biafra dies not euke the Zoo Nigerians should be OK.

SmartPolician:
New financial regulations are flying around lately. I just hope all these efforts will be worth it because naira is losing its value at an alarming rate, thereby encouraging many Nigerians to run away from the country.

If the best brains in this country move to the West, we will have the worst of us running the affairs of this country. The future of Nigeria is bleak.