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Customers issued N166bn dud cheques in 2012 – CBN

By on July 11, 2013

The Central Bank of Nigeria, CBN, Wednesday, said banks’ customers across the country issue N166 billion worth of dud cheques in 2012.

Commonly referred to as bounced or dishonoured cheques, dud cheques are cheques that banks cannot honour because there is no money in the account of the customer that issued it.

To curb this malpractice, CBN said that henceforth, it would forward the names of customers that issue such cheques three times to Economic and Financial Crimes Commission, EFCC.

The apex bank disclosed this in a circular issued yesterday, signed by Acting Director, Financial Policy and Regulation department, Mr. A.B Duniya.

It was entitled Re: Circular to Banks and Other financial Institutions on Dud/dishonoured cheques.