Connect with us

Finance

Nigerian Banks Commence Implementation of New Cheque Policy

Published

on

Nigerian Banks Commence Implementation of New Cheque Policy

Nigerian banks have declared the commencement of a new cheque policy set in motion by a Central Bank of Nigeria (CBN) directive, that demands the incorporation of a standardised new digit on the magnetic ink character recognition code line and expiry dates on cheque books.
Cheques in the old and the new formats have been simultaneously accepted for some time now but only those which complies with the new standardisation principles will henceforth be honoured for clearing.

Watch Over Youtube Videos

Nigerian banks on Sunday announced the execution of the new cheque policy, with United Bank for Africa disclosing in a note to customers that the procedure aimed at boosting security of cheque transactions via the security of the settlement process through safer and quicker cheque processing.

The new features comprise narrower and longer columns for payee and amount in words, according to the lender.
The new cheque policy also requires the dateline to appear in the sequence of day followed by month, and then year on the cheque leaves.

Amount in figures, which previously appeared under date, now comes below amount in words.
The signature line has moved from under the column for amount in words to the space beneath amount in figure, while the control number has been increased from 8 digits to 10 and moved to the top right corner of the cheque.

Tier 1 lender First Bank of Nigeria Limited similarly acknowledged the starting if the new cheque policy just like a number of other banks.
To achieve a seamless implementation of the new cheque policy, the apex bank has stated its determination to create a friendly ambience and for cheque processing and other paper instruments through improved infrastructures.

Incase You Missed:

Swift Payment: CBN Orders Banks to Comply

EndSARS Campaigners Head to Court Seeking Unfreezing of Account

Nigerian Government Rules out New Tax, Increment in 2021

 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

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

Finance

Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

Published

on

Finance Act 2020: Unclaimed Dividends & Dormant Bank Accounts

According to the Finance Act 2020 recently signed into law by President Buhari, the unclaimed dividends and deposits in dormant bank accounts will be available as special credit to the Nigerian government through the Unclaimed Funds Trust Fund
The trust fund will be a sub-fund of the Crisis Intervention Fund.
The trust fund will be managed by the Debt Management Office (DMO).
The DMO’s responsibility also includes payment of claims for such dividend and the accompanying compensation for accrued interest.

The Act states that the monies transferred to the trust fund will be a “special debt owed by the Federal Government to shareholders and dormant bank account holders”.

YOU CAN ALSO FOLLOW US ON FACEBOOK
It also said that the original owners of the money can claim it at any time.
Major Reason for FG’s decision:
To mitigate Nigeria’s fiscal frailties (weakness) and the economic crunch caused by the emergence of Covid-19.
In 2016, the Securities and Exchange Commission (SEC) issued a rule which stated that:
“Companies and Registrars in custody of dividends which remain unclaimed by shareholders 12 years after the date of declaration or subsequently attain the 12 years threshold shall upon the coming into effect of this Rule transfer such monies into the Nigerian Capital Market Development Fund (NCMDF)”.

As at the end of 2019 from 2002, the total value of unclaimed dividends stood at 158.44bn.
What this means that,
• Importantly, with these funds, it is expected that the government would have more financial capacity to handle cost-intensive projects and infrastructural developments that would directly impact the well beings of Nigerians if the funds are well utilized.
• The era of unclaimed dividends and dormant bank account balances is over.

Read Also:

The President of the African Development Bank Warned Against Misinformation(Opens in a new browser tab)

Aftermath of ASUU Strike FG Suspension: READ ALL HERE(Opens in a new browser tab)

[BREAKING] Missing fund: Court martial orders Gen. Otiki dismissal, with ‘disgrace and dishonour’(Opens in a new browser tab)

Continue Reading

Finance

Elon Musk Becomes Richest Person in the World

Published

on

Elon Musk

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

YOU CAN ALSO FOLLOW US ON FACEBOOK
On Thursday, Tesla’s share price increased and it pushed Musk past former richest person, Jeff Bezos.
Musk started 2020 worth about $27 billion.

Read Also:

Customs Intercepts ‘COVID-19 Vehicle’ Smuggling Poultry Products in Ogun(Opens in a new browser tab)

N1.2billion Cannabis has been intercepted by the Nigeria Customs service(Opens in a new browser tab)

Customs Report: Smuggled Items worth N17.6bn seized by the customs in Q1(Opens in a new browser tab)

Nigeria Customs seizes items worth over N200m in Kebbi State(Opens in a new browser tab)

Continue Reading

Customs Corner

CBN Supports Customs with 4 Scanners to Boost Revenue Generation

Published

on

CBN Supports Customs

The Central Bank of Nigeria (CBN) has made commitment to support Nigeria Customs Service (NCS) to promote technology driven service to boost the nation’s economy

The NCS Public Relations Officer, Mr Joseph Attah made this known in a statement in Abuja on Wednesday.

Attah said the CBN also pledged to establish the control centre for monitoring all scanning sites in its bid to boost national economy, especially agricultural sector.

He disclosed that already Ministry of Finance, Budget and National Planning had purchased three new scanners to enhance the proposed E-customs operations.

He said this means that within the next six months, NCS would have about seven functional scanners to be mounted at strategic entry points even before the full deployment of e-Customs components which would guarantee the deployment of 135 modern scanners.

YOU CAN ALSO FOLLOW US ON FACEBOOK

Attah however expressed appreciation of the service and commended the leadership of CBN for this strategic intervention in the interest of the nation.

Meanwhile, the spokesperson added that in the service’s efforts to prevent the entry of items that could compromise the security of the citizens, economy and the well being of people, it had seized 4,304 assorted items with a duty paid value of N28.2 billion.

He said the seizures included arms, ammunitions, illicit drugs, used clothing, vegetable oil, frozen poultry and foreign rice among others.

He assured Nigerians on the total commitment of the customs to the course of protecting national security and economy.

“We call on Nigerians, especially the business community to support the NCS as our borders open to African Continental Free Trade Agreement (AfCFTA) in order to benefit from the trade agreement and other cross border activities” he stated.

Read Also:

FEC Approves N653.8m to Tackle Illegal Frequencies in the South-East(Opens in a new browser tab)

We Owe CBN More Than N4tn, Says AMCON(Opens in a new browser tab)

China Temporarily Suspends Entry by Nigerians, Others Due to COVID-19(Opens in a new browser tab)

Continue Reading
COVID-19 PREVENTION

infectious diseases in your community. It is very important to wash your hand frequently with soap under running water.

COVID-19 IS REAL

#COVID19NIGERIA Situation Report

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

The #COVID19Nigeria situation report for 21st July, 2020 has been published. Our daily reports provide a summary of the epidemiological situation & response activities in Nigeria

@Africa CDC

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

The African Union and Africa CDC will virtually rollout the Partnership to Accelerate COVID-19 Testing (PACT) in Africa tomorrow 4 June, 2020 at 11.00 am Eastern Africa Time.

GALLANT OFFICER

Gallant Officer
"Also found worthy of honour was Bashir Abubakar, an Asst Comptroller-General of Customs, who rejected a bribe of $412,000 per container offered him by drug traffickers seeking to bring 40 containers of Tramadol into Nigeria. A fine example of incorruptibility, worthy of emulation"

Currency Calculator

Currency Calculator

Amount
From :
To :

Trending