Regulatory Alerts2010-01-08 | BOD/DIR/CIR/2010/GEN/01/107Added · Updated
Circular on Implementation of Maximum Cap for Cheque Payments
This circular from the Banking Operations Directorate addresses the implementation of a maximum cap for cheque payments of N10 million naira. It clarifies that this policy applies to cheques, bank drafts, manager cheques, in-house cheques, across-the-counter cash withdrawals with cheques, and dividend/interest warrants. Any cheques exceeding this limit issued before the new policy took effect should be presented within two weeks of January 4th or recalled/returned unpaid after that period. Banks are encouraged to educate their customers on these guidelines.
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