I clicked on dis thread only to be seeing 1st party, 2nd party, 3rd party. party, party, party, with no venue or date for d party. Wats happenin here for goodness sake!

In not more than 4 lines, can someone in the banking sector explain the advantages and disadvantages of this policy?

Also, I would like to know who benefits from this policy? Is it CBN, the BANKS or the MASSES?

smh at questions asked on this thread, it shows the level of illiteracy and ignorance in Nigeria.
Pass jamb... mba... Ok, read book... make i ping/facebook/twitter/whatsapp finish... SMFH

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?

yeah i want to know what will happen too coz I believe this is exactly what some Nigerians will do in an attempt to by-pass this rule in order to handle 'raw' cash. But I think the amount of cash that will be made available to the 3rd party won't exceed that 150k.........per day

everyday: At least it will reduce the rate of armed robbery in the country

who dey rob again,na kiddnapping,that one in the bank no safe

Inik: Cashless policy bla bla. Sanusi should better respond to the allegation of his raunchy affairs with married women.

How does that affect the policy in question?

This is new development other advance country are doing it, at least arm robber will be reduce.

So what is i'm paid a cheque of N500,000 as salary and i have a savings account which cannot accomodate a cheque??

Simple tin, as d third party just ask the second party to sign two checks for u, 1 with 100,000 n d other with 50,000 believe me the first party have no other choice than to give u all ur cash....

onyxo76: can someone please explain how i can pay someone cash above 150,000 going by this new policy..

1. Withdraw from an ATM and pay him.
2. Write him a cheque and let him pay it into his account.
3. Let him give you his account no. so you can pay the cash into his account
4. Transfer the money electronically via: I-MOBILE, Internet banking.
5. Walk into any bank and do an RTGS/NEFT transfer from your account straight to his account.

Hope that answers your questions.

Thanks to the CBN for the cashless policies. A Cashless based transaction is what is attainable in developed countries and am glad CBN wants to introduce the cashless culture to Nigeria. Conducting transactions thru other means and forms of payment without carrying about loads of cash on you is safe and best. You hardly see people outside nigeria walk around with large sum of money on them. I hope we get there soon.

A 3rd party z d beneficiary other than d owner of d a/c. Nice policy but it might not really work on situations dat requires urgent attention. For instance, mr A(a/c holder wit 1st bank) issues a cheque of #200,000 to mr B to take care of their ageing mother in d hospital who z at d point of death. Mr B(a/c holder wit Gtbank), being d beneficiary goes 2 get value but unfortunately doesnt have an a/c wit 1st bank. My question now is? As the policy requires lodgement into an a/c, it then means that the said cheque has 2go through clearing b4 Mr B can get value. And as such, the ageing mother might even give up cos Doctors of nowadays dear not touch d patient except some kind of deposits are made. So govt/cbn should look into it. Thanks

ifyalways: beta person.
This policy get K-leg oh but we know this is Naija. There's always a way out!

You are sooooo correct. The way out will be to use up more cheque leaflets na. If I'm paying you 200k, I'll simply give you 2 cheques for 100k each.
It's not economical but Nigerians hardly worry about that when they are eager to prove that they are wiser than the policy makers.

Hahahaha, making more profit 4 the bank 2 the detriment of customers. So if i want 2write #2m cheque, i'll all my cheque leaf because of the policy?

in rome, do like the romans. it will only be a medieval hospital that will not have a pos machine in this time of cashless banking. every day and in everyway i am getting better and better! what about you? we should all move with the times!

Okija juju: Who is a 'third Party'?!

A third party is a party that is not PDP or ACN

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?

that will b 4 different banks

Ricky_Ross: In not more than 4 lines, can someone in the banking sector explain the advantages and disadvantages of this policy?

Also, I would like to know who benefits from this policy? Is it CBN, the BANKS or the MASSES?

as a banking student,the benefits of cashless policy are: It reduces d cost govt spends on printing of paper money. It reduces availability of cash in d economy,because if there is too much money in circulation,there will be inflation. It reduces d rate of robbery,this is because, when there is nobody carries money around anymore,the issue of robbery will b minimal. It also discourages money laundering.

@grandstar, it seems u dnt undstnd d gist here, wot has a cheque goten 2do wit POS? U can only ur card(master) on POS not a cheque ok

U just told us abt d merits, what abt d demerits?

Opey4luv: The Senate may decide to vote against this cashless policy because it will stop them from stealing our money in 'gbana must go' bags.

. Look at you. Do you think it is for them to loot our right with ghana must go,this policy is mainly targeted to assist and further elevate their(politrickans) system of stealing

Franky9584: U just told us abt d merits, what abt d demerits?

demerit is d internet fraud associated with electronic banking,but this is being taken care of by d CBN

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Such policies are very good ones but ow many have stand the test of time,Nigeria environment both physically and spiritually is so rugged such policies are good but would be bastadize by some cartel.......

Very good one from malam Sanusi

Okija juju: Who is a 'third Party'?!

A third party can be defined as a person dat took third position in a 100m race.

Like a fellow nairalander said when mtn said u can't send below N50, if u want to send N5 to ur bro,send N55 and let him send u N50 naira back. My fellow nairalanders let's look for a way out. I'm already looking into involving a 4th party to cash d cheque for d 3rd party since d rule clearly states its for 3rd party.Let's brainstorm guyz.

Not a big deal as far as I can cash over 500k from my own account over the counter.

Efikman: So what is i'm paid a cheque of N500,000 as salary and i have a savings account which cannot accomodate a cheque??

Big man lyk u shud have a current account (s)

[quote author=drake2][/quote]Badt guy, so u get dis cheat.

For any amount above #150k, what u need to do is that d person you are giving d cheque to, also have account with the same bank so that the money will be transfered into his/her account first and later cash the money from his account immediately d transaction has been done. Or if the person are not in a hurry and having acct with anoda bank, the cheque will go to clearing and d money will mature in d next two (2) workings date. For current acct any amount, but for savings acct #10k below.