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Cashing Of Third-party Cheques Above N150,000 Stops Today by mukina2: 9:06am On Jun 03, 2013
The cash-less policy of the Central Bank of Nigeria enters a new phase today (Monday) as the maximum ceiling of N150,000 placed on conversion of third-party cheques to cash by individuals takes off.

The implication is that any cheque above N150,000 originating from a third party must be lodged into the beneficiary’s account.

The policy, according to the CBN, is one of the measures being put in place to discourage the use of cash in the system.

Consequently, some deposit money banks have sent text messages to their customers to intimate them of the new policy.

A message sent by one of the banks reads, “Dear customer, kindly note that from June 1, 2013, third-party cheques over N150,000 cannot be cashed over the counter but should be lodged into your account.”

Similarly, the CBN has announced the extension of the coverage of the cash-less policy to the Federal Capital Territory, and five states, Kano, Rivers, Abia, Ogun and Anambra as from July 1, 2013.

Consequently, it has directed branches of banks in the affected states to begin an enlightenment of their customers on the cash-less policy, including the existing limit of cash withdrawals and deposits for individuals and corporate bodies, as well as available e-payment options.

The CBN also stated in a circular conveying the instruction that banks should embark on training of employees on the cash-less policy in order to provide answers to enquiries and handle issues/customers complaints as well as provide advice on the policy.

The central bank had introduced a new policy on cash-based transactions, which stipulates a ‘cash handling charge’ on daily cash withdrawals or cash deposits that exceed N500,000 for individuals, and N3m for corporate bodies.

The new policy on cash-based transactions in banks aims at reducing the amount of physical cash circulating in the economy and encouraging more electronic-based transactions.


http://www.punchng.com/news/cashing-of-third-party-cheques-above-n150000-stops-today/

1 Like

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Inik(m): 9:14am On Jun 03, 2013
Cashless policy bla bla. Sanusi should better respond to the allegation of his raunchy affairs with married women.

5 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Nobody: 9:14am On Jun 03, 2013
Thats not a bad policy sha!
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by DJDOLA(m): 9:15am On Jun 03, 2013
Gud 2 hear that...what is my position?
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by gerald09(m): 9:16am On Jun 03, 2013
Finally, was beginning to fink dis cashless tingy will neva come.
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Okijajuju: 9:16am On Jun 03, 2013
Who is a 'third Party'?!
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Opey4luv(m): 9:16am On Jun 03, 2013
The Senate may decide to vote against this cashless policy because it will stop them from stealing our money in 'gbana must go' bags.

1 Like

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by rozayx5(m): 9:18am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!
CPC grin

5 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Reachyrich(f): 9:18am On Jun 03, 2013
That's a gud policy.
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Nobody: 9:19am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!
If i sign a check and give it to you to withdraw the cash. You are the "THIRD PARTY"

4 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by bemagnify: 9:20am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!
third party in dis case is d pesn dat cheque is being given 2... For example if i wnt 2giv u moni, i wil write a cheque 2u,, u wil nw become a third party!
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by yuzedo: 9:23am On Jun 03, 2013
soooooo, how can i pay for punn* on credit cos i dint used to carry cash arand. undecided plis malam sanusi lamidu, bro, u take babe around so u no how this tins are, plis dis policey is very inimical to oringo groove paroll. plis do somtin my broda angry i will see u at ikoyi clob dis nite wit 7-eigth sweet babe wink tenk.

5 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by sizzlers(m): 9:25am On Jun 03, 2013
It's ok
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by bolaino(m): 9:27am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!
third party is the party you hold after celebrating your second party, that's why they call it the third party, hope u understand now?

4 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by chuksoyo21(m): 9:27am On Jun 03, 2013
Bank = first party
cheque issuer = second party
person whose name the cheque is written=third party!
The policy is nt bad.

7 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by jasinto123(m): 9:28am On Jun 03, 2013
ok
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by ifyalways(f): 9:38am On Jun 03, 2013
chuksoyo21: Bank = first party
cheque issuer = second party
person whose name the cheque is written=third party!
The policy is nt bad.
beta person.
This policy get K-leg oh but we know this is Naija. There's always a way out!

2 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by everyday: 9:42am On Jun 03, 2013
At least it will reduce the rate of armed robbery in the country
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Koolking(m): 9:43am On Jun 03, 2013
Why is the subject of the thread reading "Cashing Of Third-party Cheques Above N150,000 Stops Today"? Am I missing something? Since the implementation of cashless policy mid last year, checks above N150,000 tendered by a third party were not honoured at the banks. I had to devised a mean of cashing checks with N150,000+. I would ask the check issuer to transfer the money into my account while I used my mastercard to withdraw at the bank's counter - POS.
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by delikay4luv: 9:46am On Jun 03, 2013
well. let's hear from the senate
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by blackchief(m): 9:49am On Jun 03, 2013
Good policy.But what happens if i issue two or three different cheque of 150,000 each to the same person on the same day?
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Mobsync(m): 9:55am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!


A third party is the third person to get to a party.
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by BlackPeni5: 9:55am On Jun 03, 2013
young-dude:
If i sign a check and give it to you to withdraw the cash. You are the "THIRD PARTY"
OK...But why are we talking about a third party before making reference to a Second Party...

Who is a Second Party?

1 Like

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by ChristKid1: 10:11am On Jun 03, 2013
young-dude:
If i sign a check and give it to you to withdraw the cash. You are the "THIRD PARTY"
Shouldn't that be SECOND party? Does it mean the '1st party' can withdraw more than 150?
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by olate: 10:11am On Jun 03, 2013
Black Peni5:
OK...But why are we talking about a third party before making reference to a Second Party...

Who is a Second Party?
the bank is the first party, the acct holder is the second party and the person that receives the cheque is the third party....hahahah grin
Black Peni5:
OK...But why are we talking about a third party before making reference to a Second Party...

Who is a Second Party?
the bank is the first party, the acct holder is the second party and the person that receives the cheque is the third party....hahahah
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by onyxo76(m): 10:14am On Jun 03, 2013
can someone please explain how i can pay someone cash above 150,000 going by this new policy..
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by megajay1(m): 10:15am On Jun 03, 2013
Okija juju: Who is a 'third Party'?!
apga
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by kollybay4u: 10:15am On Jun 03, 2013
Gud to hear that
Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by drake2(m): 10:16am On Jun 03, 2013
[quote author=blackchief]Good policy.But what happens if i issue two or three different cheque of 150,000 each to the same person on the same day? [/quote


GOOD Qeustion ; I remember when MTN said u cannot transfer less than #50 air time. But people got around it.

if u wanna transfer #5 flashing credit to a trusted friend or loved one, all u need do is transfer #55 and he or she transfers back #50 to u.

2 Likes

Re: Cashing Of Third-party Cheques Above N150,000 Stops Today by Nobody: 10:17am On Jun 03, 2013
I hear.

1 Like

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