CBN to Stop Dud Cheque Issuers From Operating Current Accounts

The Central Bank of Nigeria, CBN, has taken fresh steps to
block dud cheque issuers from operating a current
“The CBN is working with the credit bureaus so that a data
base is built to identify bank customers who have issued
dud cheques for three times in a given period,” the Deputy
Director, Banking Supervision, CBN, Mr. Stephen
Nwadiuko, said on Wednesday.
According to him, there is the Dud Cheque Act of 1977,
which provides for the prosecution of issuers of dud
“But since nothing has been done with that document, the
CBN is trying to do something within its own powers that
will stop customers who are fond of issuing cheques on
unfunded bank accounts.” he said.

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