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LGs can’t withdraw more than N.5m cash daily from June

May 7, 2019
in Business News, Latest Nigeria News, Nigeria News
LGs can’t withdraw more than N.5m cash daily from June
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The Nigeria Financial Intelligence Unit has sanctioned commercial banks not to allow transactions from any local government account without monies first reaching the LG account.

This was made known in a statement by Acting Chief Media Analyst, NFIU , Ahmed Dikko.

The agency says cash withdrawal by local government should not exceed N500,000 per day with effect from June 1st, 2019. It adds that other transaction must be done through valid cheques or electronic funds transfer.

The NFIU added that the directive followed findings which showed that cash withdrawals and transactions of the State and Joint Local Government Accounts posed the biggest corruption, money laundering and security threats to the financial system and the country.

It has directed financial institutions stakeholders, public servants and the public to comply with the guidelines.

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