CBN to stop dud cheque issuers from operating current account

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The Central Bank of Nigeria is in the process of stopping issuers of dud cheques (returned cheques) from opening current account, the Deputy Director, Banking Supervision, CBN, Mr. Stephen Nwadiuko, has said.

He said the CBN was working on the credit bureaus in the country to build a data base that would reveal bank customers who issued dud cheques three times within a specified period and barred from operating current accounts.

Nwadiuko spoke in Lagos on during the third National Credit Reporting Conference. He said, “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. There is the Dud Cheque Act of 1977, which provides for the prosecution of issuers of dud cheques.

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