The Nigeria Financial Intelligence Unit has banned cash withdrawals from accounts belonging to the Federal Government, all its agencies, and also state and local governments. This, the NFIU said, would take effect from March 1, 2023, adding that any government official that withdraws cash from public accounts risks investigation from the Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission, and the Nigeria Police Force in collaboration with the NFIU, depending on the gravity of the situation.

Addressing journalists in Abuja on Thursday, the NFIU CEO, Moddibo Tukur, said the ban was necessary to curb the rate at which monies are withdrawn from public accounts in flagrant disregard to the money laundering laws and sometimes for corruption purposes. He noted that the decision was in sync with the full transition of Nigeria into a cashless economy which the Central Bank of Nigeria has been leading.

Tukur said all financial institutions have been instructed to stop cash withdrawals from government accounts from March 1, 2023, adding that any government official who flout the order will be prosecuted alongside his or her accomplices.