Connect with us
nairametrics
UBA ads

Business News

CBN orders DMBs to implement new cheque standard starting September 1st

Nigeria’s apex bank, the Central Bank of Nigeria (@cenbank), has issued an order to all Deposit Money Banks (DMBs) in the country to start implementing the new cheque standard from September 1st, 2019.

Published

on

The CBN Building, Abuja - capital inflows

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has issued an order to all Deposit Money Banks (DMBs) in the country to start implementing the new cheque standard from September 1st, 2019.

This CBN said in a circular that this order is in furtherance to the apex bank’s efforts to ensure a seamless transition to the new Cheque Standard. It also stated that it has become necessary to send reminders to all the banks, noting that after the 31st August, all the commercial banks in the country will be required to adhere to this new order.

UBA ADS

The Central Bank further stressed that in line with this new cheque standard, all parallel run for old and new cheques must conform with the standard. The new introduction is aimed at increasing the efficiency and security of the Nigerian Clearing System.

CBN order DMBs to set deadline for cheque

A cheque sample

The circular further revealed that the policy is in line with stipulations of the reviewed Nigeria Cheque Standard (NCS), the Nigeria Cheque Printers Accreditation Scheme (NICPAS) documents, and the exercise of powers conferred on the institution under Section 2(d). 33(1)(b) and 47(2) of the 2007 CBN Act.

GTBank 728 x 90

[ALSO READ: CBN clamping down on Naira abusers]

Meanwhile, Nairametrics had earlier reported about the revision of the NCS and NCPAS, in which the apex bank said that by early August 2020, only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.

CBN orders DMBs to set deadline for cheques

A Nigerian signing a cheque..

onebank728 x 90

Call to Action: The CBN, therefore, urged the Deposit Money Banks to ensure that their cheque processing systems are ready and available for the full implementation of the new cheque standard starting from the stipulated date.

The NCS and NICPAS were introduced by the Central bank in 2006 to increase the efficiency and safety in the Nigerian cheque clearing system, which the bank noted that the new and old standard shall run concurrently for one and half years, after which the old standard would be phased out.

[READ THIS: Ugodre explains all you need to know about the CBN’s rate cut]

app

Patricia

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Real Estate and Construction

Nigerian Real Estate and COVID in 19 Slides

Validate investment cases and focus energies on property sectors that are more resistant to shocks.

Published

on

Nigeria is rapidly approaching an economic crisis as the COVID-19 global pandemic has put the world on lockdown and sent Brent crude oil prices to a 20-year low. Spurred by lower global demand and reliance on oil exports for 90% of its foreign exchange income, Nigeria’s economy and her fragile currency are being pushed to their breaking point.

In this report, we will focus on the impact this pandemic will have on the real estate market in Nigeria. So far, key themes include mass concessions, re-negotiation and restructuring activity, slowed decision making, stretched out project deliveries due to the lockdown and more. After outlining the potential property sector losers, hospitality and retail most especially, alongside potential winners (industrial and healthcare), we discuss the impact of the COVID-19 pandemic on individual property sectors and the direction of rentals, capital markets and more.

UBA ADS

Within this uncertain environment, we recommend that market participants including asset owners, real estate service providers and others stress test their businesses at varying levels of reduced income, use the downtime for market research to validate investment cases and focus energies on property sectors that are more resistant to shocks.

Download the report through the link in the header.

GTBank 728 x 90
Patricia
Continue Reading

Appointments

IMF appoints Ceda Ogada as new director and secretary of the fund 

Before joining the IMF, Ogada worked at the United Nations Conference on Trade and Development.

Published

on

The International Monetary fund (IMF) has announced the appointment of Mr. Ceda Ogada as the Secretary of the Fund and Director of the Secretary’s Department with effect from September 1, 2020, following the retirement of the former Secretary, Mr Jianhai Lin. 

This was disclosed in a press statement by IMF on Wednesday, July 15, 2020. 

UBA ADS

While making the announcement, Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said, Ceda has outstanding institutional knowledge, strategic and intellectual heft, and people leadership. His unparalleled ability to bring people together, combined with his profound appreciation of the Fund’s institutional history and legal principles, as well as a strong service orientation, will help the Fund to even more effectively serve our member countries in a very challenging economic environment.” 

Mr. Ogada joined the IMF’s Legal Department in 1999 and rose through the ranks to become Deputy General Counsel in 2014. During this time, he has worked on virtually all aspects of the Fund’s work, including advising on the governance of the Fund, on country operations, helping to develop Fund policies and implementation guidance, and providing technical assistance to member countries.  

According to the statement, ‘’Some of the key projects that he has worked on include the Fund’s enhanced policy to address governance and corruption issues, ensuring the adequacy of the Fund’s lending resources, reforms in lending policy such as the establishment of the Flexible Credit Line (FCL) and the Catastrophe Containment and Relief Trust (CCRT), reviews on surveillance policy and capacity development strategy and transparency, archives and communications policies.’ 

GTBank 728 x 90

The new Secretary of the fund was heavily involved in the work on euro area crisis countries during the global financial crisis. Recently, he has led the Legal Department in promoting good governance and transparency in several countries, together with the use of emergency financing for the COVID-19 crisis. 

Before he joined IMF, Mr. Ogada worked at the United Nations Conference on Trade and Development as a legal expert and also before that he was in private legal practice in the United States. He holds a Juris Doctor from Harvard Law School and a B.A. in history from Dartmouth College. Mr. Ogada is a citizen of Kenya. 

 

onebank728 x 90

Patricia
Continue Reading

Economy & Politics

Just in: Suspended EFCC boss, Ibrahim Magu, finally released from detention

Magu’s lawyer confirmed his release from the custody of the DSS.

Published

on

EFCC to help AMCON recover bad debts

The suspended acting Chairman of the Economic and Financial Crime Commission (EFCC) has been released from police custody after about 10 days in detention.

According to a monitored report, this was confirmed by his lawyer, Tosin Ojaomo, who said that the EFCC boss is no longer under custody.

UBA ADS

The suspended EFCC boss was invited by the presidential probe panel headed by Ayo Salami, a retired President of the Appeal Court to the Presidential Villa in Abuja on July 6 over allegations bordering on corruption and financial misconduct.

He was later moved to Area 10 Force Criminal Investigation Department (FCID) of the police in Abuja where he has since been detained.

Just earlier today, the Inspector-General of Police, Mohammed Adamu, asked Magu, to direct his bail application to the presidential probe panel.

GTBank 728 x 90

This was in response to a request by Mr Oluwatosin Ojaomo, Magu’s legal representative, who asked the IGP to grant bail to his client on self-recognisance after the suspended EFCC chief had spent four days in custody.

But in a letter dated July 14, 2020, and addressed to Mr Ojaomo, the IGP said the police force is not investigating and detaining Magu, so, it cannot grant the bail request.

It also advised the lawyer to redirect his request to the chairman of the presidential probe panel for appropriate action.

onebank728 x 90

Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement