From the start of March, Nigerian public officials will be barred from withdrawing cash from government bank accounts, the head of the Nigerian Financial Intelligence Unit reportedly said. Public officials that want to be exempted from this new regulation will have to obtain a waiver from the Nigerian Presidency.
Government Workers Vulnerable to Money Laundering
Nigerian government workers will be prohibited from drawing cash from government accounts starting on March 1, Modibbo R. Hamman Tukur, the head of the Nigerian Financial Intelligence Unit (NFIU), has said. The new rule, which reportedly applies to federal, local and state officials, seeks to tackle the high levels of corruption and money laundering in government.
In addition, a Reuters report said the new rule in is tandem with the Nigerian government’s goal of achieving a cashless economy. The report also quotes Tukur explaining the reasons behind this decision. He said:
Civil servants are becoming more and more vulnerable
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