No going back on cash withdrawal limits, NFIU tells govs

The Nigerian Financial Intelligence Unit has said it will not reverse the cash withdrawal limit guidelines it issued earlier this month regarding financial operations of the three tiers of government in Nigeria. The NFIU issued the statement in reaction to its meeting with the governors of the 36 states of the federation who had sought […]

The Nigerian Financial Intelligence Unit has said it will not reverse the cash withdrawal limit guidelines it issued earlier this month regarding financial operations of the three tiers of government in Nigeria.

The NFIU issued the statement in reaction to its meeting with the governors of the 36 states of the federation who had sought its understanding to reconsider or tinker with the cash withdrawal guidelines.

The Nigeria Governors’ Forum (NGF) had faulted the recent directive by the NFIU directing banks from executing demands for cash withdrawals from all public accounts.

The NFIU, on January 5, directed banks in the country to stop executing demands for cash from public accounts, as well as payment of estacodes and travelling allowances, effective March 1, 2023.

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 But in a statement signed by its chief media analyst, Ahmed Dikko, the NFIU stated that  it had given enough time for all entities in the country to withdraw cash above the approved daily limit and it was no longer in the interest of the country and its citizens to continue to indulge in such violation.

According to the statement,  the director of the NFIU, Modibbo Hamman Tukur, had said at the end of his meeting with the governors that the agency was, however, ready to cooperate with the six-man committee set up to work with it.

Modibbo said, “We acted within our functions and the law. We issued the guidelines to control the barrage of investigations we saw coming. Our guidelines are meant to help the governors not to fight them or any public servant