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
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
"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
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