CBN Tells Banks To Accept Cheques For Savings Accounts

The Central Bank of Nigeria (CBN) yesterday directed banks and other financial institution to allow customers operating savings accounts to lodge in cheques.

CBN Director, Banking and Payment System Department, ‘Dipo Fatokun, who disclosed this in a circular, said savings account customers with Bank Verification Number (BVN) should be allowed to deposit cheques not more than N2 million in value into their accounts, per customer per day.

The CBN said the decision to allow cheques in savings accounts is in furtherance of its efforts at strengthening the Nigerian payments system.