2013-03-11 | BPS/DIR/GEN/CIR/01/001

Nationwide Encashment of 3rd Party Cheques above N150,000 over the counter of banks and stoppage of charges

On March 4th, 2013, the Central Bank of Nigeria directed all Nigerian deposit money banks, microfinance banks, and primary mortgage banks to enforce a nationwide policy limiting over-the-counter encashment of third-party cheques above N150,000. Furthermore, charges on third-party cheques below this threshold were to be stopped. This policy was aimed at reducing fraudulent activities related to cheques and improving the efficiency of Nigeria's payment system in line with the National Financial Inclusion strategy. The directive came into effect from June 1, 2013.

Nigeria

Central Bank of Nigeria

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