Nigeria’s Ban On Cash Withdrawals From Public Accounts Not To Fight The Government

The Nigerian Financial Intelligence Unit says that its ban on cash withdrawals for all federal and state accounts is to help governors and not to fight them. <br />The NGF also set up a six-member committee to engage the Central Bank of Nigeria in addressing anomalies in the country’s monetary management and financial system”. <br />The NFIU says that the entire financial system suffered excess liquidity and liquidity ratio infringements which put hedging pressure on demand for foreign currency and gradually destroyed the value of the Naira and above all created wide room for money laundering and terrorism affecting significantly the rural populace on top of general inflation in the open market place.