Business CBN to strengthen 'cash-lite' policy

#1
The Central Bank of Nigeria (CBN), in an effort to strengthen the ‘cash-lite’ policy, has directed all banks to compile the list of customers, who have issued dud cheques at least three times since July 5, to be forwarded to the Economic and Financial Crimes Commission (EFCC) for investigation.


According to the apex bank, the low confidence in the acceptance of cheques, is as a result of the issuance of dud cheques, which has grossly affected the ‘cash-lite’ policy.


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 numberFPR/DIR/CIR/GEN/03/005and 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.”


“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”.
 
[906]
advertise on Nigerian Bulletin - see rates per week
advertise on Nigerian Bulletin - see rates per week
Loading...
Your email address will not be publicly visible. We will only use it to contact you to confirm your post.
Top