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Wednesday, August 3, 2016

Central Bank Of Nigeria Says You Can Now Deposit Cheques Into Your Savings Account


Prior to this development, bank customers in Nigeria could only deposit cheques into their current accounts, but the Central Bank of Nigeria (CBN) on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. The new guidelines were contained in a circular posted on the CBN website and signed by the Director, Banking and Payment System, Mr. Dipo Fatokun. Full post after cut..................
The circular, which was directed to banks and other financial institutions, was dated July 28, 2016. Aside from this approval, the CBN also ordered banks and other financial institutions to remove fixed interest rate on credit cards. The central bank directed the banks to henceforth begin to embed customers’ Bank Verification Numbers on their payment cards.

It also ordered the banks to discontinue actual address verification as a condition for account opening for customers with the BVN. In approving cheque deposits into savings accounts, the apex bank limited the daily deposit to only N2m per customer in a day. The CBN said the new guidelines were meant to strengthen the payment system and the banking sector.

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