Cashing of 3rd party cheques above N150,000 to stop nationwide on June 1

In furtherance of its cashless policy, the Central Bank of Nigeria (CBN) has, through a recently issued circular to all deposit money banks, [see here] directed all deposit money banks operating in Nigeria to “ensure the implementation of N150,000.00 limit on 3rd party cheques that could be cashed over the counter nationwide, with effect from June 1, 2013.” The implication of this is that with effect from June 1, 2013, all third party cheques with values above N150,000 cannot be cashed across the counter in any bank in Nigeria; value can only be received in respect of such cheques through bank accounts.

It will be recalled that in 2012 the CBN introduced the cashless policy in Nigeria. The pilot of the policy was to run till 31st December 2012 in Lagos State before being rolled out nationwide. As envisioned, the cashless policy is expected to be beneficial to the government, banks, individuals and corporate bodies.

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