CBN to peg third party cheques at N150,000 nationwide

7

By AMECHI OGBONNA

The Central Bank of Nigeria (CBN) has said that the N150,000 restrictions on third party cheques currently implemented in the Lagos pilot of the cashless policy would go nationwide from next year.

The Deputy Director, Banking and Payment System Department, CBN, Mr. Emmanuel Obaigbhona, disclosed this at the 2nd Annual Conference/Retreat of the Committee of e-Banking Industry Heads (CeBIH) held in Calabar, Cross River State at the weekend.

Under the cashless policy, third party cheques with values above N150,000 cannot be cashed across the counter but through bank accounts.

This restriction was, however, implemented only in Lagos State, as part of the Cashless Lagos Initiative, which test runs the cashless policy.

“The N150,000 maximum limit imposed on third party cheques for across the counter withdrawals, which is only available in Lagos will, from January, next year, go national,” Obaigbhona said during the panel discussion at the conference.

The theme of the CeBIH conference was, ‘Developing a Market Structure that works: Challenges & Prospects for the Nigeria Payments System.’

Chairman of CeBIH, Mr. Chuma Ezirim, commended the CBN and NIBSS for the various policies introduced to drive electronic payment in the country.

Obaigbhona said: “CeBIH is committed to development of an efficient payment system in Nigeria.

“The industry however needs to recognize that electronic payment is not a service but a business and it has to be driven by operators instead of regulators.”

Obaigbhona said, while the industry has made significant progress in the implementation of the cashless policy, there was need for collaboration among stakeholders in the electronic payment system to improve on it.

He said: “In terms of development in 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 utilized and international recognized. We are looking at a system that even the poor can use at affordable rates.

“But to achieve this, CBN needs the cooperation of all operators in the electronic payment system. For example all the policies introduced by the CBN to drive electronic payments were based on suggestions and contributions of banks, especially the Bankers Committee.

“The role of the CBN is that of catalysts. We are there to push the system forward but we depend on the knowledge of the operators and stakeholders in the system.”

He said while operators are out to promote their individual interest, the CBN is committed to promoting the national economy and this was the philosophy behind the introduction of the cashless policy.

The cashless policy he, said was primarily aimed at enthroning electronic payment. “And we are making progress but we need ideas from this group. He called on CeBIH to collaborate with the CBN and NIBSS. Banks need to go to Nigeria Interbank Settlement System (NIBSS) and understand what is happening there.

We put NIBSS in the center, NIBSS is actually in charge of retail payments and the National Central Switch (NCS), operated by the company is designed to achieve interoperability which is critical to driving electronic payment in the country. So we need to collaborate and work with NIBSS.

23 yrs boy started importation with N10,450. Read his story here!

Six weeks ago, I couldn't perform in bed. Here's my breakthrough

How to start a profitable importation biz with as low as N10,000 only

How Adetunji generated over N20 million online in 2014. Almost N2m in 2015

How to earn 40k-200k monthly from football matches almost on autopilot

3 Things I did to cure premature ejaculation after my wife left me

How to get flat belly in just 9 days. Click here!

Small manhood and premature ejaculation limited my performance for 4yrs!

Discover How I made N2m in 35 days from importation business

7 Simple yet amazing steps to earn over N200,000/monthly. Click here

Free Download! How to earn N200,000 monthly from importation business

Discover how I made N58000 in two weeks reselling bulksms to Nigerian companies

Click here now if you are interested in earning at least N7,500/daily

Share.

About Author

7 Comments

  1. Become Netcontacts member & be paid N1,500 4 each person U invite 2 register as a member
    visit http://xrl.us/bntg9q
    and be paid daily
    i urged you today to come out of your financial stress to embrace millions within a month.

  2. SUBJECT: BECOME BITTER KOLA EXPORTER IN SMALL SCALE ( 50KG/500KG TRAIL ORDER)

    If you know the exact place to source for this products you have made it.

    HINTS :

    …Do you know that one Bitter kola nut is sold for one euro in Germany as at March 2012.

    …Do you know that exporting Bitter Kola does not require any Machine for processing as it can also be exported raw.

    Pls get more detail here, source: http://export-bitter-kola.blogspot.com
    Call for info : 08039454675 or 08058499904

  3. THE CBN IS JUST EXPERIMENTING WITH THE NIGERIAN ECONOMY. THIS POLICY WILL NEVER WORK AS LONG AS MOST TRANSACTIONS IN THE COUNTRY IS STILL CASH BASED.

    THEY WILL SOON COME OUT WITH ANOTHER POLICY THAT NEGATES THIS SOON. JUST WATCH OUT.

  4. Dr. Sunnyfranklin .E. on

    Rubbish policy, since that confused CBN governor has been internationally disgraced concerning the circulation of N5000 Note, he has been trying to justify his economical competence. what a rubbish…

  5. Is such policy meant to work, when very soon the CBN sultan will introduce a single note of 1 million naira? How will people use the note. Anyway laws in Nigeria are only for the poor.

Leave A Reply