Nigeria’s 36 State Governors and the Nigeria Financial Intelligence Unit (NFIU) may be on collision course following its recent advisory and Guidelines on Cash Transactions in the country.
The state Governors under the aegis of Nigeria Governors’ Forum in a communique after its regular Virtual meeting declared that the NFIU advisory and guidelines on cash withdrawals were “simply outside the NFIU legal remit and mandate”.
The Nigeria Financial Intelligence Unit had in the wake of the new Central Bank of Nigeria redesign of some Naira Notes policy unveiled fresh guidelines to bolster CBN’s withdrawal policy.
The new NFIU framework prohibits cash withdrawal from public account and outlaws payment of estacodes, overseas allowances to civil, public servants in cash.
NFIU also instituted that Cash withdrawals from public accounts must be treated as money laundering offence effective March 1, 2023.
Also Read: Cash withdrawal limit: Kaduna residents express dismay over new policy
The policy was unveiled on January 6, 2023.
But Nigerian Governors have kicked against the policy saying it is illegal.
The NGF has therefore set up a 6-member committee to be Chaired by former Governor of Central Bank and current Governor of Anambra State, Charles Soludo.
Other members of the committe are Governors of Akwa-Ibom, Ogun, Borno, Plateau and Jigawa State.
The Forum mandated the committee to engage the CBN in addressing what it termed the anomalies in the country’s monetary management policies and financial system.
The communique signed by the Chairman of the Forum, Aminu Tambuwal of Sokoto State expressed dissatisfaction with the huge challenges that remain problematic to the Nigerian people especially the venerable populace
