The cash-less policy of the Central Bank of Nigeria enters a new phase today (Monday) as the maximum ceiling of N150,000 placed on conversion of third-party cheques to cash by individuals takes off.
The implication is that any cheque above N150,000 originating from a third party must be lodged into the beneficiary’s account.
The policy, according to the CBN, is one of the measures being put in place to discourage the use of cash in the system.
Consequently, some deposit money banks have sent text messages to their customers to intimate them of the new policy.
