N150,000 Restriction on 3rd Party Cheque: Value of Cheque Cleared on the Decline

The value of cheques cleared in Lagos declined by 10.33 percent after the Central Bank of Nigeria (CBN) imposed a restriction of N150,000 on third party cheque transactions. 
The Financial Derivatives Company (FDC) Limited a research-base company in Nigeria said the valued declined from N2.42 trillion in July to N2.17 trillion in August.
Analysts said the restriction has somewhat restricted business transactions above the amount, saying many account holders in Nigeria do not have current accounts as a result of high charges.
Bismarck Rewane, chief executive of FDC said furthermore decline is expected in months ahead.

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