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‘Third Party Cheque Restriction to Go Nationwide’

02 Nov 2012

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CBN Governor, Sanusi Lamido Sanusi



Obinna Chima

In line with the cashless policy, the Central Bank of Nigeria (CBN) has said that the N150, 000 restrictions on third party cheques currently in Lagos state would extended to others states in the country next year.
Deputy Director, Banking and Payment System Department, CBN, Mr. Emmanuel Obaigbhona said this at the second annual conference/retreat of Committee of E-Banking Industry Heads (CeBIH) in  Calabar.
Under the cashless policy, third party cheques with values above N150, 000 cannot be cashed across the counter but through bank accounts.

Obaigbhona said:  “The N150,000 maximum limit imposed on third party cheques for across the counter withdrawal that is only available in Lagos, from January next year is going to be nationwide.”
Obaigbhona stated that even though the industry has made significant progress in the implementation of the cashless policy, there is need for collaboration among stakeholders in the electronic payment system to improve on it.

“In terms of development of the payment system, if we look at our country, we would observe some major improvements since 2007. The aim of the CBN basically is to promote electronic payments and make sure that we have a payment system that is not only effective but a payment system that is nationally utilised and international recognised. We are looking at a system that even the poor can use at affordable rates,” he said.

The CeBIH conference  tagged: “Developing a Market Structure that works: Challenges & Prospects for the Nigeria Payments System,”
Chairman of CeBIH, Mr. Chuma Ezirim commended the CBN and the Nigerian Interbank Settlement System (NIBSS) for the various policies introduced to drive electronic payment in the country.
Ezirim said: “CeBIH is committed to development of an efficient payment system in Nigeria. The industry however needs to recognise that electronic payment is not a service but a business and it has to be driven by operators instead of regulators.”

Tags: Business, Nigeria, Featured, Cheque, Nationwide

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