Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN worried by high incidences of dud cheques

07 May 2014, 14:03

Enugu - The Central Bank of Nigeria (CBN) has expressed concern with the high incidences of dud cheques in the country

Obinna Akoma, CBN’s Assistant Manager of Consumer Protection, said at a workshop on financial literacy in Enugu on Tuesday that the rate at which bank customers were issued dud cheques by friends and associates was becoming alarming.

He said the CBN had directed commercial banks to submit the list of account numbers involved in the illegal act.

“In 2012 alone, 167 000 incidences of dud cheques valued at N166 million were processed by the CBN,” he said.

Akoma said there were extant legislations that prescribed sanctions for perpetrators of such ignoble act and wondered if those legal provisions were in force.

"The 1977 Dishonoured Cheque Act makes it an offence to give a cheque of an unfunded account.

"The penalty is two years imprisonment without an option of fine and I don’t know whether the rule is still applicable,” he said.

He said the trend would affect the financial inclusion policy of the CBN on the economy if left unchecked.

"The cashless policy will be at risk if we continue to issue such cheques because it will increase the volume of cash in circulation as people will lose confidence in the system.’’

Akoma said that the CBN would continue to engage stakeholders to fight the incidence.


For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page.

Tags cbn enugu

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...