Regulatory Alerts2015-04-09 | BSD/DIR/GEN/LAB/08/016Added · Updated
Need to Implement Measures to Dissuade the Issuance of Dud Cheques in the Nigerian Banking System.
The Central Bank of Nigeria is addressing the issue of customers issuing dud cheques by implementing measures such as recalling unused cheque books, barring customers from the clearing system and credit facilities, and imposing penalties on non-compliant institutions. These measures aim to restore confidence and integrity in negotiable instruments, particularly cheques, and will take effect from April 1, 2015. The letter, dated March 31, 2015, was issued by the Director of Banking Supervision, Tokunbo Martins.
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