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Apex Bank Orders Cessation Of Transactions In Liquidated Banks Cheques

By on January 3, 2013

CBN Deputy Governor, Tunde Lemo

The Central Bank of Nigeria (CBN) has called for the halt of the issuance or acceptance of financial instruments from liquidated banks.

The banks affected under the new regulation which came into effect yesterday are Afribank Plc, Bank PHB Plc, FinBank Plc, ETB Bank Limited, Oceanic Bank Plc and Spring Bank. Pretty much every bank that has been acquired by another bank or that has been taken over by AMCON.

The statement fromt the CBN reads: “The Central Bank of Nigeria has noted with concern, the prevalence of legacy/liquidated banks’ financial instruments being processed and cleared for settlement in various clearing houses.

“This development is unacceptable and should be discouraged forthwith. The deposit money banks are advised to stop issuance and circulation of legacy/liquidated banks’ financial instruments in our clearing system particularly as we have migrated to Nigeria Uniform Bank Account Number.”

Below is a cheque issued by Delta State government to Obasanjo farms. These are the types of financial instruments that fall into this category.

One Comment

  1. oyin

    January 3, 2013 at 11:43 am

    Why do u have to show us a cheque issued since 2011. Just trying 2 make us see Obasanjo’s transaction I think. Very cheap of u.