CBN Clamps Down On Issuance Of Dud Cheques, Offenders Risk Five-Year Ban

Central Bank of Nigeria (CBN) has directed that additional restrictions be placed on the accounts of customers who issue dud cheques.

Chartered Bank of Nigeria in a memo to its customers said, the apex bank had directed that all unused cheque books issued to serial issuers of dud cheques be recalled or canceled. In addition, the CBN further directed that such customers be restricted from using the financial clearing system for a period of five (5) years

 

Banks were however, directed to forward names of offenders to three (3) Private Credit Bureaux and its Credit Risk Management System (CRMS). ”The customers’ names would be listed on the database of the Private Credit Bureaux and CRMS for a period of five (5) years from the date of submission, after which the offenders will be eligible for removal”.

NIGERIA-ECONOMY-CBN

However, if such offenders are found wanting after their names have been removed, the apex bank stated that they shall permanently be reinstated on the database of all three (3) Credit Bureaux, as well as the CRMS

Serial issuers of dud cheques shall also be barred from accessing credit facilities from the banking system for a period of (5) years, adding that status checks on potential customers from CRMS and at least two (2) Credit Bureaux before on-boarding any customer be performed by banks..

 

Standard Chartered Bank Nigeria however, informed its customers that it would fully comply with this directive going forward.

 

Author: News Editor

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