Tag: Cheque
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Nigerian banks migrate to new cheque standards, to reject old ones from December 31
Nigerian banks are migrating in the New Year (2021), into brand new cheque standards, on the order of the Central Bank of Nigeria (CBN). The banks have in an official mail notification to their various customers said they will not accept the old cheques from December 31, 2020. The new cheques come with unique features.…
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Lagos Govt compensates family of slain LASTMA official, issues N10m cheque
The Lagos State Government says it has fulfilled its promise to compensate the family of late officer of the Lagos State Traffic Management Authority, Adeyemo Oke, who was murdered by a trigger-happy policeman, Olukunle Olonade, in December 2018 at Iyana Ipaja while on duty. Presenting a N10m cheque to the deceased’s family on behalf of…
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CBN sets five-year timeline on cheque storage
The Central Bank of Nigeria (CBN) has set a five-year timeline for banks to keep physical cheque presented to them by customers after which the instrument may be disposed. This is contained in the Nigerian Bankers’ Clearing System (NBCS) Rules released Wednesday by the apex bank. The policy is in line with the CBN’s exercise…