The Central Bank of Nigeria has directed all deposit money banks to stop the cashing of third-party cheques above N150,000 over the counter in all the states starting from June 1, 2013. The apex bank in a circular on Monday said it had been observed that the policy had succeeded immensely in the Lagos area and had contributed to the reduction of fraud on cheques and aided the National Financial Inclusion strategy. Under the current cash-less policy, third party cheques with values above N150, 000 cannot be cashed across the counter but through bank accounts. The circular signed by the Director, Banking and Payments System Department, Mr. Dipo Fatokun, reads in
part, "In recognition of its role in the development of an efficient payment and settlement system, CBN undertook some major initiatives to modernise the system. One of such initiatives was that third party cheques above N150, 000 shall not be eligible for encashment over the counter. "In view of the above, all banks are hereby directed to ensure the implementation of N150, 000 limit on third party cheques that could be cashed over the counter nationwide, with effect from June 1, 2013." The regulator also warned all banks not to charge customers over the counter on payments of third party cheques below N150, 000. It said, "It has also been observed that some banks charge their customers in respect of payments of third party cheques below N150, 000, cashed over the counter. By this circular, all banks are hereby directed to stop charging their customers for third party cheques of up to N150, 000, cashed over the counter."Culled from The Punch

Good one.