The Nigeria Financial Intelligence Unit (NFIU) has banned all banks from executing demands for cash withdrawals from all public accounts, effective March 1, 2023.
NFIU Director-General, Modibbo Tukur, who disclosed this to newsmen at a conference in Abuja yesterday, said the Agency will trigger investigation processes on any public office holder who engages in cash transactions after the end of February this year.
He said the NFIU will collaborate with the Economic and Financial Crimes Commission, (EFCC), the Independent Corrupt Practices Commission, (ICPC), and the Nigeria Police Force, (NPF) in investigating government officials that withdraws cash from public accounts.
The NFIU boss also noted that the decision is in accord with Nigerias full transition into a cashless economy started by the Central Bank of Nigeria, (CBN).
