The Federal Government has announced the ban on cash withdrawal from all public accounts with immediate effect.
Public officers are therefore asked 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.
The new directive was disclosed in a statement by the Director/Chief Executive Officer, CEO of Nigerian Financial Intelligence Unit, NFIU, Modibbo Tukur, on Tuesday at a parley with the Chairman of Independent National Electoral Commission, (INEC), Prof. Mahmud Yakubu, in Abuja.
It is understood 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 Act.
The NFIU boss said it will exposes innocent public officials to being liable to imprisonment.
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.
