FG to go cashless from March 1
Modibbo Tukur, the chief executive of the Nigerian Financial and Intelligence Unit, NFIU, has said that government transactions would be by electronic means from March 1, 2023, particularly if such exceeds approved daily withdrawal thresholds.
Modibbo said that, based on the new Central Bank of Nigeria (CBN) guidelines, only the President could approve a waiver for any cash-based transactions above the stipulated daily withdrawal limit.
The NFIU has therefore directed the federal, state, and local government to take necessary measures that would ensure compliance with the new policy.
“With the implementation of this guideline, Nigeria has been taken into a non-cash economy with effect from March 1, 2023,” the NFIU boss stated.
Modibbo disclosed that, since 2015, withdrawals by the federal, state, and local government are as follow: N225 billion, N701 billion, and N156 billion respectively.