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Cash-Lite Lagos: CBN Suspends 3rd Party Cheque Rule

By on January 9, 2012

One of the rules under the cashless policy of the CBN has been suspended until March, 2012. The rule in question pertains to the encashment of third party cheques across the counter. The CBN had sought to halt this practice on January 1st, 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 enshrined in the new cashless policy and many banking halls are increasingly becoming seminar halls as bankers have to educate their customers during virtually 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.

Our correspondent, spoke to a businesswoman in Lagos yesterday who admitted, has not had time to open the emails or read the messages sent from the bank regarding cashless Lagos.

A copy of the rules and guidelines can be found here.