• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, March 27, 2023
Leadership News
Read in Hausa
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • 2023 ElectionsLive
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership News
No Result
View All Result

Cash Withdrawal Limit: We Acted Within Our Laws – NFIU

by Ejike Ejike
2 months ago
in Cover Stories, Featured, News
Reading Time: 2 mins read
As New Currencies Remain Scarce, CBN Urges Nigerians To Be Patient
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Following reactions from the Nigerian Governors Forum on the ban on cash withdrawals by the federal, state and local governments and their agencies, the Nigerian Financial Intelligence Unit (NFIU) has said the agency acted within the law and its function.

Chief media analyst of the NFIU, Ahmed Dikko, said in a statement that the director, Modibbo Hamman Tukur, said they were ready to partner the Governors’ Forum committee in order to enlighten them.

“First of all, we are ready to partner the six-man committee they set up. We will enlighten them. Secondly, we acted within our functions and the law. We issued the guidelines to control the barrage of investigations that we saw coming. Our guidelines were meant to help the governors, not to fight them or any public servant.

“We reached a stage that if we allowed the present scenario to continue, all public institutions will drift into structured cash withdrawals of certain amounts of money which by law, standards and best practices must be investigated continuously which is neither desirable nor reasonable. 

“We feel communities must move on by accommodating changes and adjusting to new developments. Last time we issued the local government guidelines, we were taken to court but we won the case.

“But more importantly we need to understand that in the recent past United States FIU and United Kingdom FIU penalised Nigerian banks with fines of millions of US dollars due to non- compliance. Internally, non-compliance with sections cited in the recent guidelines comes with heavy penalties on financial institutions. We did, on gentlemanly pretext, avoid until this moment putting a fine to financial institutions expecting, gradual learning and adjustments. 

RELATED

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

1 hour ago
Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

2 hours ago

“But to eternally guarantee this kind gesture is to automatically keep abusing our laws,” he said. 

The NFIU director further said, “We want every stake holder to appreciate that we cooperated for too far and long. We held deep breath while defending these deficiencies internationally, just to continue to remain in the international pay points and competing with others. 

“Finally, we also clearly stated in the preceding advisory, that the entire financial system suffered excess liquidity and liquidity ratio infringements which put hedging pressure of demand for foreign currency and gradually destroying the value of the Naira and above all creating wide room for money laundering and terrorism affecting significantly the rural populace on top of general inflation in the open market place.

“We are in support of working together to stop these challenges and in most progressive manner.”

Tags: Cash Withdrawal Limit
SendShareTweetShare

Previous Post

Tinubu’s Campaign Director Dumps APC

Next Post

Fears, Hope As Millions Of Youths Reach Voting Age

Ejike Ejike

Ejike Ejike

YOU MAY LIKE

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor
News

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

1 hour ago
Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 
News

Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

2 hours ago
Why Idahosa Should Be Next Edo Governor – Group
News

Why Idahosa Should Be Next Edo Governor – Group

2 hours ago
Next Post
INEC Audit Reports Indict APC, PDP, Others For Overspending

Fears, Hope As Millions Of Youths Reach Voting Age

ADVERTISEMENT

LATEST UPDATES

Understanding Online Casinos For New Nigerian Players

Understanding Online Casinos For New Nigerian Players

March 27, 2023
Leave Us Out Of Your Travails, APC Tells PDP Chair Ayu

PDP Ward Executives Disown Ayu’s ‘Suspension’ Letter, Says Signatures Forged 

March 27, 2023
Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

Nigeria’s American Varsity Appoints Frazier As President/Vice Chancellor

March 27, 2023
JUST-IN: Pro-Tinubu Groups Storm Abuja Streets, Protest Against Interim Govt

JUST-IN: Pro-Tinubu Groups Storm Abuja Streets, Protest Against Interim Govt

March 27, 2023
Paris 2024 Race: Guinea Hold Olympic Eagles To Goalless In Abuja

2023 AFCON Qualifier: Super Eagles Set To Bounce Back Against Guinea Bissau

March 27, 2023
Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

Parents Of 14 Rescued Chibok Girls Seek Daughters’ Return To School 

March 27, 2023
Why Idahosa Should Be Next Edo Governor – Group

Why Idahosa Should Be Next Edo Governor – Group

March 27, 2023
Rivers Police Invite Federal Lawmaker Over ‘Inciting Comments’ In Viral Video

2023 Polls: Police Record 489 Electoral Offences, Arrest 781 Suspects

March 27, 2023

© 2023 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • 2023 Elections
  • News
    • World News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2023 Leadership Media Group - All Rights Reserved.