I received a text message yesterday from my Bank as follows; ‘Dear Customer, kindly note that from June 1, 2013, 3rd party cheques over N150,000 cannot be cashed over the counter but should be lodged into your account.’
I am sure you may have received the message too. If you’re wondering what this is all about like I did, it simply means the CBN has entered the next stage of it’s cashless banking policy. From tomorrow Monday June 3rd Banks will no longer accept third party cheque withdrawal exceeding N150,000. That is you can no longer give a friends, relation, payee, or anyone that is not you a cheque of over N150,000 to cash in the bank. The beneficiary can only pay it into his or her account and then withdraw it from there.
This policy has been in place in some parts if the country like Lagos. so for residents of those cities this is nothing new.
This Thisday Article also confirms it.