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Nw: Document: Nigeria to Cease Money Withdrawals From Authorities Accounts

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From the start up of March, Nigerian public officers will be barred from withdrawing cash from executive financial institution accounts, the head of the Nigerian Financial Intelligence Unit reportedly stated. Public officers that can maintain to be exempted from this new legislation will must assemble a waiver from the Nigerian Presidency.

Authorities Workers At threat of Money Laundering

Nigerian executive workers will be prohibited from drawing cash from executive accounts starting up on March 1, Modibbo R. Hamman Tukur, the head of the Nigerian Financial Intelligence Unit (NFIU), has stated. The new rule, which reportedly applies to federal, local and insist officers, seeks to kind out the excessive ranges of corruption and cash laundering in executive.

To boot, a Reuters file stated the new rule in is tandem with the Nigerian executive’s goal of achieving a cashless economy. The file also quotes Tukur explaining the causes unhurried this dedication. He stated:

Civil servants are changing into an increasing vogue of inclined to cash laundering and its predicate offences attributable to their exposure to cash withdrawals from public accounts.

To bolster Tukur’s assertions, the file stated an prognosis by NFIU — an self sustaining unit right by the Central Financial institution of Nigeria (CBN) — had confirmed that between 2015 and 2022 officers withdrew cash corresponding to $2.45 billion from executive accounts. Lots of the withdrawals had been above the distance limits, the file added.

The CBN’s Contemporary Funds System Blueprint

Meanwhile, in cases where cash is wanted, Tukur stated officers will must practice for a waiver from the presidency. However, this would most efficient be granted on a “case-by-case foundation.”

In its currently unveiled Nigeria Funds System Vision 2025 doc, the CBN stated goals to “maintain a cashless and atmosphere friendly digital fee system” that helps financial services and products in all sectors by 2025. To relieve it develop this, the CBN has instituted a want of reforms that consist of issuing newly designed naira banknotes and phasing out passe ones.

The CBN has also imposed cash withdrawal limits for every company organizations and other folks. Currently, the financial institution also reportedly directed banks to quit over-the-counter cash withdrawals of the new banknotes.

Besides limiting the use of money, the CBN is also wanting for to take the use of its flagging central financial institution digital forex. However, despite the several steps taken to make the CBDC gorgeous to customers, Bitcoin.com News reported in October 2022 that many Nigerians had now not embraced this.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and writer. He has written extensively relating to the economic troubles of some African countries moreover to how digital currencies can provide Africans with an ruin out route.

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