CBN-2.webp
The Digest:

The Central Bank of Nigeria has introduced a stringent new policy to curb the issuance of dud cheques, proposing an automatic five-year banking ban for repeat offenders. The draft guidelines, now open for public comment, aim to restore discipline and confidence in the use of cheques as a financial instrument.

Key Points:
  • Customers who issue three dud cheques will be classified as serial offenders.
  • Repeat offenders face an automatic five-year ban from the clearing system.
  • Banks must report dishonoured cheques to credit bureaus within one hour.
  • The ban applies to opening new current accounts and accessing credit facilities.
  • Subsequent offences after a ban will trigger a fresh five-year penalty.
  • Banks face fines up to ₦5 million for non-compliance with reporting rules.
  • The policy aims to protect the payment system and strengthen financial discipline.
This move signals a firm shift from tolerance to accountability, framing financial integrity not just as a regulatory expectation, but as a non-negotiable pillar of a trustworthy economic environment.

Sources: Nairametrics, The Cable