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CBN recently introduced a N10Million limit on clearing instruments as a risk management measure.

1. What is the new maximum limit on cheque payment?
     N10, 000,000.00(Ten million Naira)
2. Why the introduction of a maximum limit?
   The central Bank of Nigeria introduced this limit as a risk management measure in the clearing settlement system in line with international best practice as employed in strong economies.
3.  Is the maximum limit of N10,000,000 applicable only to clearing cheques?
   NO, it is also applicable to the following:
   ·         Bank drafts/Managers cheques
   ·         In-house cheques drawn by all class of account holders of the same bank and of the same branch
   ·         Across the counter cheque withdrawals with cheque by customers of the bank
   ·         Dividend Warrants
4. When is the effective date?
   The new maximum limit on cheques took effect from January 01, 2010.
5. Can I still pay in Skye Bank cheques above N10, 000,000 into my accounts with Skye?
   No, you  cannot, as the limit is applicable to inhouse  cheques as stated in 3 above.
6. What do I do when I wish to pay in cheques that are dated prior to January 01, 2010 into their accounts?.
   Such cheques dated prior to January 01, 2010 would still be received by our staff and presented for clearing within two weeks from January 04, 2010( i.e January 18,2010). After January 18,2010,we enjoin you to contact the drawer to do electronic transfer payments in your favour. 
7. Since cheques above N10, 000,000.00 cannot be processed through clearing, what other alternate payment methods are available?
   The following payment methods are available to customers:
   - Real Time Gross Settlement System (RTGS)
   - Nigeria Electronic Funds Transfer (NEFT)
   - Autopay
    
8. What are the features of these alternate payments?
   
   - RTGS :- High values and single items, Value is received same day.
   - NEFT :- Next day settlement of bulk payments and collections (Credit/debit), such as salaries, dividend, Insurance premium, bills etc
   - Autopay :- Beneficiary's account is credited immediately. Customer gets feedback within 24hours of processing transaction.

    

9. What are the benefits of using any of the identified payment systems
   Seamless online/real time payment to staff, vendors, suppliers, distributors or anyone you choose to pay.
   Secured payment system.
10. Are there any fees/charges for using any of the above payment methods?
    Yes there are, please contact your nearest branch for the current fees.
11. Which of these alternate payments methods is the fastest?
    Autopay. The money leaves your account immediately and the beneficiary (ies) get value immediately.
12. What is the maximum number of transactions that can be processed daily?
    There is no limit to the number of transactions that can be processed through these systems on a daily basis.
     
13. How do I move my money above N10, 000,000.00 from other banks to Skyebank?
    You can move your money to us through any of the following payment methods
    - Real Time Gross Settlement System (RTGS)
    - Nigeria Electronic Funds Transfer (NEFT)
    - Autopay