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Sterling Banks warning on dud cheques

25 July 2013, 12:11Augustine Osayande

Abuja - Sterling Bank warned its customers against issuing dud cheques saying the culprits risked prosecution.

The issuing of such cheques has continued despite  concerns raised by the Central Bank of Nigeria (CBN) on the prevalence of such conduct in the industry.

 "We consider it appropriate to inform you (clients) of the policy circular released by the  Central Bank of Nigeria (CBN)  mandating commercial banks to advise their customers against issuing dud Cheques," Sterling stated on Thursday.

The bank advised customers to fund their account before issuing third party cheques and  confirm cheques with respective relationship managers.

According to the bank, CBN noted the increased volume of dishonored cheques in the financial sector which may lead to low confidence in the acceptance of cheques.

 "It is affecting the ‘’Cash-Lite’’ policy aimed at reducing the volume of cash-based transactions in Nigeria," the central bank said recently.

With effect from July 5, CBN directed all banks to identify customers who have issued such cheques.

CBN would forward erring customers’ names to the Economic and Financial Crimes Commission (EFCC) for investigation.

- CAJ News


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