By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s Central Bank Tuesday prohibited the clearing of Financial Instruments by Liquidated Banks with effect from January 02 2013.
This was contained in Circular dated November 27 2012 and signed by Dipo Fatokun, Director, Banking and Payments System Department of the CBN and posted on its website.
The Circular reads thus ” The Central Bank of Nigeria has noted with concern the prevalence of legacy/liquidated Banks Financial Instruments, being processed and cleared for settlement in the various Clearing Houses.
This development is unacceptable and should be discontinued forthwith. The Deposit Money Banks are advised to stop the issuance and circulation of legacy/liquidated Banks Fiancial Instruments in our Clearing System; particularly as we have migrated to the NUBAN.
Please note that with effect from January 02 2013, no lgacy/liquidated Banks Financial Instruments would be allowed for presentation in the Nigerian Clearing Houses. Failure to adhere to this important instruction will attract severe sanctions; in line with extant guidelines” the Circular said.
