Search Blog / Web

Custom Search

Saturday, December 22, 2012

CBN bans use of liquidated banks’ financial instruments

The Punch - Nigeria's Most Widely Read Newspaper
Breaking News, information and opinion in Nigeria
CBN bans use of liquidated banks' financial instruments
Dec 22nd 2012, 23:00

The Central Bank of Nigeria has banned the use of cheques and other financial instruments of the liquidated commercial banks in its clearing houses across the country.

It also said the newly introduced Cheque Truncation System which reduced the number of days for the clearing of cheques would cover the entire country by the end of next year.

The CBN Branch Controller in Abeokuta, Mr. Adewale Ojoawo, said these during the 2012 Dinner/Awards Night of the Abeokuta Clearing House Committee held on Friday at the Valley View Auditorium, Government House, Oke Igbein, Abeokuta.

Ojoawo stated that with effect from January 2, 2013, the apex bank would no longer allow the presentation of the financial instruments belonging to any of the liquidated banks in the nation's clearing houses.

According to him, under the newly introduced CTS, the clearing of cheques will reduce by one day as against the four days currently required for the value of such financial instruments to be obtained.

Ojoawo added that the major aim of the CTS initiative was the reduction in the number of hours spent in the process of cheque movement and exchange during clearing sessions.

The controller also described the introduction of the cashless policy by the apex bank in collaboration with the Bankers' Committee using the Shared Services Programme as a means of engendering a more efficient payment system for the country.

“Though the year witnessed an increase in the value of clearing activities by 8.95 per cent over the previous year, there was a decrease in the volume by 3.63 per cent as at November 30, 2012, a situation attributable to the enhanced e-payment policy and other forms of electronic transfer of funds under the improved payments system,” he added.

You are receiving this email because you subscribed to this feed at blogtrottr.com.

If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions
Related Posts Plugin for WordPress, Blogger...