2009-12-11 | BOD/DIR/CIR/GEN/01/106

Circular on Maximum Limit on Cheque Payment

The Central Bank of Nigeria has set a maximum limit of N10 million for cheque payments effective from January 1, 2010 as part of efforts to improve the efficiency of the payment system. Payments exceeding this limit must be made through electronic modes such as RTGS and NEFT. This measure serves as a risk reduction strategy in line with international best practice and is supported by an education initiative for customers on proper implementation procedures.

Nigeria

Central Bank of Nigeria

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