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Thursday, 25 August 2016

DUD CHEQUE ISSUANCE: CBN to Stop Dud Cheque Issuers From Operating Current Accounts

Central bank of Nigeria moving to use credit bureaus to collate habitual issuers data and prevent them from operating current account in the banking system.
A DUD cheque law enacted in 1977 is largely not implemented.

“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,” the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, said on Wednesday.

According to him, 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.” he said.

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