Central Bank of Nigeria CBN will from June 1, 2013 implement a policy that places N150, 000 limits on all over-the-counter cheque withdrawals in commercial banks, microfinance banks and primary mortgage institutions PMIs nationwide.
In a circular to all stakeholders, CBN Director, Banking and Payment System, Dipo Fatokun said the policy is in recognition of the success recorded in Lagos. Besides, he said the need to extend such success to other states within the federation necessitated the new regime.
He said the Lagos success story has also contributed to the reduction of fraud on cheques and aided the National Financial Inclusion NFI Strategy.
Also, the CBN Director, directed banks to stop charging their customers payments for third party cheque below N150,000 cashed over the counter.
He explained that the policy is in recognition of the CBN role in the development of an efficient payment and settlement system that is well modernized.
Head, Shared Services at the Central Bank of Nigeria CBN, Chidi Umeano had said that the cashless project has continued to record huge success, adding that the initial challenges associated with the alternative channels are being tackled.
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