do hope they keep up their own end of the bargain for check avoidable issues!

wetin check do dem dis time

Story Story

I honestly like Sanusi, I think he's determined to do his best to strengthen our accounting and financial reporting system in Nigeria.
But No more N10M Cheques will not do much; I can trust my Nigerian brothers and sisters that they will find another way to beat this system in a very short period.

It is also a better idea for us in Nigeria to always test a system before introducing it to the public. I'm 10000000% sure that this new system has not be properly tested. But yet, it is scheduled to be used starting from Jan 1, 2010.

This doesn't guarrantee anything. The idea would've been a fine for anyone found with more than 10 million cash or more at large.

It's a welcome development in the banking sector but proper control measures should be put in place to check activities of the fast guys.

Have they really sat down to consider this cos if this is vulnerable to fraud, we'll have to see many rich men die of heart attack when 10m is illegally withdrawn.

Good work Sanusi, but I tell you this ios Nigeria - they will surely find their way around this.

At last,we get a good move from Sanusi,,,,,,,,,,,,,after a loooooooong while

This is a welcome development

WHATEVER

The idea is a nice one but a limit for monthly transaction for smaller amount should have been fixed because our guys will completely shift to split transactions.U will now see cheques of N9,999,999.00 10 times for a particular customer/account in a day.After all that figure is less than N10m.

awunoruv:

The idea is a nice one but a limit for monthly transaction for smaller amount should have been fixed because our guys will completely shift to split transactions.U will now see cheques of N9,999,999.00 10 times for a particular customer/account in a day.After all that figure is less than N10m.

at least it will help stop stealing billions in a day through chq transction?. How many of such chqs can one write and transact in a day?

Cheques are going extinct by 2018 so no big deal

our country is simply not yet ripe for such policies. Many Nigerian banks cannot up to this moment replace their old ATM with new ones. How then can they afford to make the right kind of investment in IT and their staff that can guarantee reasonable online security.

Am afraid, the policy might still hit the rock!