Enforcement of N150,000 ceiling on third party cheques begins today

The Central Bank of Nigeria (CBN) is to begin implementation of maximum ceiling of N150, 000 placed on third party cheques that can be withdrawn by individuals.

With this development any cheque above N150, 000 and which originated from a third party must as from today be lodged into the drawee’s account.
Over the weekend, some banks have started notifying their customers about the development.

Meanwhile, the CBN has extended the coverage of the cashless policy to the Federal Capital Territory, and five states including Kano, Rivers, Abia, Ogun and Anambra as from July 1.

It has directed branches of banks in the affected states to begin an enlightenment of their customers on cashless policy, including the existing limit of cash withdrawals and deposits for individuals and corporate bodies as well as available e-payment option.

The apex bank warned that the cashless policy implementation team will perform spot checks on bank branches in phase two locations to ensure readiness and compliance.

The policy was expected to improve the effectiveness of monetary policy in managing inflation and driving economic growth.

Source: Nigerian Tribune