Nigeria to Ban Cash Withdrawals From Government Accounts
- Most government cash transactions exceed legal thresholds
- Steps aimed at curbing illicit activities, reducing cash
Naira banknotes
Photographer: Damilola Onafuwa/BloombergThis article is for subscribers only.
Nigeria will ban cash withdrawals from government accounts from March 1 to tackle illicit activity and push toward a cashless economy.
About 1.1 trillion naira ($2.4 billion) has been taken out of public accounts in cash since 2015, with most transactions exceeding legal thresholds, Nigerian Financial Intelligence Unit Chief Executive Modibbo Tukur said Thursday.