This means that from today, third-party cheques (presented by someone different from the account-holder) can no longer be withdrawn across the counter, but paid into an account and go through the clearing house.
Also, maximum daily cumulative cash withdrawals and deposit transactions for both individual and corporate accounts would be N500,000 and N3,000,000 respectively, while charges would apply for transactions exceeding the limits.
Exemptions have however been granted on lodgments and withdrawals for accounts operated by embassies, diplomatic missions, multilateral agencies, aid donor agencies, ministries, departments and agencies of government (for revenue collections only), Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs).
The take-off in the five states and Abuja follows the successful Lagos pilot phase, which began in January 2011.
The states were chosen, according to the Central Bank of Nigeria (CBN), because of the large volume of cash transactions in some of their major cities.
Source
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