Nigeria to transit to non-cash economy March 1, 2023

By Ibiyemi Mathew

The Director and Chief Executive Officer of the Nigerian Financial and Intelligence Unit, NFIU, Modibbo Tukur, has disclosed that the nation will transit fully to a non cash economy by March 1, 2023.

Making this announcement in Abuja, Modibbo said, “All government transactions will be carried out on the basis of electronic transfer if the amount exceed the approved daily withdrawals by the Central Bank of Nigeria under the new monetary policy.”

According to him, “The guidelines also permits only the President to grant a waiver for any cash above the approved daily threshold to be withdrawn for any urgent or emergency reasons.

“The NFIU therefore directed federal, state and local governments in the country to put necessary measures in place to ensure the smooth operationalisation of the new policy.

“In particular, the different tiers of government are to deploy technology and train their staff to be able to apply the new policy from the stipulated date,” he said.

Modibbo disclosed that despite the introduction of the cash withdrawal limits in the country, state governments withdraw a total of N701 billion cash above the N225 billion withdrawn by the federal government and N156 billion withdrawn by the local governments in the country between 2015 to date.