Nigerian Banks Ordered to Decline Cheque Payments Over N10 Million

Started by MyWorld, Dec 14, 2009, 11:02 PM


Central Bank of Nigeria (CBN) has ordered commercial banks operating in Nigeria to stop cheque payment for any amount over NGN10 million, with effect from January 1st, 2010. Instead such payments should be made through the e-payment mode such as the Central Bank Interbank Funds Transfer System (or the Real Time Gross Settlement Systems - RTGS) and Nigeria Interbank Settlement System Electronic Funds Transfer (NEFT).

The aim is to further develop the country's payment system and reduce the risk in clearing and settlement system in line with best practice.