ISSUING OF DUD CHEQUES We write to inform you of the recent circular issued by the Central Bank of Nigeria (CBN) with reference number FPR/DIR/CIR/GEN/03/005 and dated July 5, 2013. The CBN through this circular, has directed all Banks/finance house to advise all customers against issuing Dud Cheques to 3rd parties i.e issuing a cheque against an unfunded account. According to CBN, the volume of dishonored cheques in the financial system is on the increase and has shown no signs of declining. This results in low confidence in the acceptance of cheques and adversely affects the “cash-lite” policy aimed at reducing the volume of cash based transactions in Nigeria. As part of efforts to address the issuance of dud cheques, CBN has directed all Banks/finance house to identify customers who have issued dud cheques on 3 instances with effect from 5th of July 2013. Banks have been directed to send details of customers together with copies of dud cheques to CBN. The Central Bank will in turn forward such details to the Economic and Financial Crimes Commission (EFCC) for further investigation. Our esteemed customers are therefore advised to make sure that their accounts are funded before issuing a cheque to a 3rd party and to also confirm all cheques via our internet banking platform or Relationship Managers, as this will ensure the cheque is honoured. ŤhǎŋЖƧ U̶̲̥̅̊ for chosen sightlight links.
Posted on: Tue, 23 Jul 2013 17:13:56 +0000
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