CBN Suspends 3rd Party Cheque Rule


The Central Bank of Nigeria (CBN) has suspended the third party cheque rule under its ongoing cashless policy until March, 2012.


The CBN had sought to halt this practice on 1 January, stating that all cheques from third-parties would henceforth go through the clearing house.


However, the apex body has been forced to postpone the policy (which is currently in effect in Lagos) due to the insistence of banks. Banks operating in the commercial capital have prevailed on the CBN to allow more time for customers to become aware of the new policy.


Many bank customers are not enlightened on the rules guarding the new cashless policy and many banking halls are increasingly becoming seminar venues as bankers have to educate their customers during almost every transaction.


Many socially responsible banks have been sending SMS and email messages to their customers as regards the policy,  however, not all customers have taken the time to read or study the new rules.

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