The Central Bank of Nigeria, CBN, Wednesday, said banks’ customers across the country issue N166 billion worth of dud cheques in 2012.
Commonly referred to as bounced or dishonoured cheques, dud cheques are cheques that banks cannot honour because there is no money in the account of the customer that issued it.
To curb this malpractice, CBN said that henceforth, it would forward the names of customers that issue such cheques three times to Economic and Financial Crimes Commission, EFCC.
Vanguard: Customers issued N166bn dud cheques in 2012 – CBN