The Organised Private Sector in Lagos has lauded the Central Bank of Nigeria’s directive, which stopped the cashing of third-party cheques above N150,000 and N3m for individuals and corporate organisations across the counter.
The Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, told the News Agency of Nigeria on Wednesday in Lagos that the development would curb money laundering in the country.
He said the directive would further promote the cash-less policy of the CBN.
Yusuf said it would encourage people to use other payment instruments like fund transfer.
He said the directive was laudable because it would make other modes of payment more popular.
NAN recalls that the CBN had said that the policy was to reduce frauds through cheques and aid national financial inclusion.