The development followed the agreement reached earlier in the year between the 36 governors and the Nigerian Financial Intelligence Unit (NFIU). With the agreement, the governments in the states were mandated to open dedicated accounts for their governors’ security votes with the apex bank. The opening of such accounts will enable the NFIU to monitor cash withdrawals for security purposes by the governors.
Prior to the NFIU January 5, 2023 directive, banning cash withdrawals from public accounts, governors were getting their security votes from the monthly subventions fromA source at the NFIU told The Nation: “Under this arrangement, states governments have established accounts with the CBN specifically designated for their security votes. “The rationale behind this decision, the NFIU official said is to facilitate fast and easy access to funds during security exigencies.” State authorities have argued that denying them access to cash from their security votes in times of crises could hold them unduly accountable for any security lapses within their jurisdiction
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: TheNationNews » / 🏆 6. in NG
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ANALYSIS: Implications of CBN’s revised forex policy on food securitySome experts express mixed feelings about the impact of the CBN policy on the state of food security in the country.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
Naira may rise as CBN plans tosanction banks hoarding dollarsThe Nation Newspaper Naira may rise as CBN plans tosanction banks hoarding dollars
Source: TheNationNews - 🏆 6. / 69 Read more »
CBN gov, others to determine Africa’s $1.5tr fortunesAmid sluggish growth, rising debt prices and global banking turbulence, over 1,000 African finance leaders are to meet in Lome, Togo for an inclusive, competitive and robust Pan- African financial services industry.
Source: GuardianNigeria - 🏆 1. / 94 Read more »
JUST IN: Reps Summon CBN Governor Over Lifting Forex Ban on Toothpicks, Cement, OthersA Trusted Nigerian Newspaper
Source: NigeriaNewsdesk - 🏆 10. / 63 Read more »
Reps invite CBN governor over plans to lift forex restriction on 43 itemsA Nigerian newspaper and Online version of the Vanguard, a daily publication in Nigeria covering Nigeria news, Niger delta, general national news, politics, business, energy, sports, entertainment, fashion,lifestyle human interest stories, etc
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Reps Summon CBN Gov Over Lifting Of Ban On 43 ItemsThe House of Representatives has summoned the Central Bank (CBN) Governor, Dr Olayemi Cardoso to appeal before it to justify the rationale for lifting ban on
Source: LeadershipNGA - 🏆 4. / 77 Read more »