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Sunday, August 28, 2016

Central Bank of Nigeria to bar dud cheque issuers from operating current account


The Central Bank of Nigeria is in the process of stopping issuers of dud cheques (returned cheques) from opening current account, the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, has said. He said the CBN was working on the credit bureaus in the country to build a data base that would reveal bank customers who issued dud cheques three times within a specified period and barred from operating current accounts.

Nwadiuko spoke in Lagos during the third National Credit Reporting Conference. He said, “The CBN is working with the credit bureaus so that a data base is built to identify bank customers who have issued dud cheques for three times in a given period. There is the Dud Cheque Act of 1977, which provides for the prosecution of issuers of dud cheques. “But since nothing has been done with that document, the CBN is trying to do something within its own powers that will stop customers who are fond of issuing cheques on unfunded bank accounts.”

Earlier, the Governor, CBN, Mr. Godwin Emefiele, who declared the conference open, had said the CBN would support credit bureaux to enhance credit and economic growth. Emefiele, who was represented by the Branch Controller, CBN Lagos, Mr. James Iyari, said, “The CBN has recently approved the payment of one-off sign on fees with credit bureaux for all the microfinance banks and other micro financial institutions licensed by the CBN in order to support effective use of the infrastructure provided by the private credit bureaux with a view to deepening the subsector”...

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