By InvestAdvocate

Lagos (INVESTADVOCATE)- The Central Bank of Nigeria on Tuesday said bank customers can now deposit cheques not more than N2 million in value into their savings account per day.

This is contained in a circular with reference number BPS/DIR/GEN?CIR/03/005 dated July 28, 2016 and signed by Dipo Fatokun, director, Banking and Payment System Department of the CBN.

The circular read thus, “The Central Bank of Nigeria, in furtherance of its efforts at strengthening the Nigerian payment system, hereby issues the following directives: the removal of fixed interest on credit cards; and discontinuation of actual address verification in account openings for customers with the Bank Verification Number.

“Banks should begin to embed the BVN on all payment cards issued henceforth to facilitate off-line BVN verification and biometric-based customer authentication in such payment devices as the Automated Teller Machines, Point of Sale Terminal, kiosks etc.

“Savings account customers with the BVN should be allowed to deposit cheques not more than N2m in value into their savings account per, customer per day. Please, be guided and ensure strict compliance with the content of this circular.”