If you are a bank customer and you issued dud
cheques at least three times since July 5, then
you have something to worry about. The Central Bank of Nigeria (CBN) has directed
all banks to compile the list of such customers
to be forwarded to the Economic and Financial
Crimes Commission (EFCC) for investigation. According to a CBN circular, the move became
necessary as the actions of dud cheques
issuers were beginning to adversely affect the
‘cash-lite’ policy currently at the pilot stage in
some states. The apex bank said dud cheques issuance,
which it said is on the increase, results in low
confidence in the acceptance of cheques, one
of the key elements of the ‘cash-lite’ policy,
and advised all banks to warn their customers
against issuing bounced cheques. A statement by one of the banks to its
customers said, “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 to advise all customers against issuing
dud cheques to third parties, i.e, issuing
cheques against unfunded accounts. “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 to
identify customers who have issued dud
cheques on three instances with effect from
July 5, 2013. The apex bank asked banks to
send details of customers together with copies of dud cheques to it after which it will 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 third party
and to also confirm all cheques via our internet
banking platform or Relationship Managers, as
this will ensure the cheque is honoured”.
cheques at least three times since July 5, then
you have something to worry about. The Central Bank of Nigeria (CBN) has directed
all banks to compile the list of such customers
to be forwarded to the Economic and Financial
Crimes Commission (EFCC) for investigation. According to a CBN circular, the move became
necessary as the actions of dud cheques
issuers were beginning to adversely affect the
‘cash-lite’ policy currently at the pilot stage in
some states. The apex bank said dud cheques issuance,
which it said is on the increase, results in low
confidence in the acceptance of cheques, one
of the key elements of the ‘cash-lite’ policy,
and advised all banks to warn their customers
against issuing bounced cheques. A statement by one of the banks to its
customers said, “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 to advise all customers against issuing
dud cheques to third parties, i.e, issuing
cheques against unfunded accounts. “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 to
identify customers who have issued dud
cheques on three instances with effect from
July 5, 2013. The apex bank asked banks to
send details of customers together with copies of dud cheques to it after which it will 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 third party
and to also confirm all cheques via our internet
banking platform or Relationship Managers, as
this will ensure the cheque is honoured”.
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