Non-NUBAN Cheques and Checks will Bounce from June 1 2012
As part of its Nigerian Universal Bank Account Number (NUBAN) Project, the CBN has directed banks to reject cheques and other clearing instruments that do not come with the 10-digit NUBAN number from June 1, 2012. Payment instruments like cheques and bank drafts that are non-NUBAN compliant, will not be allowed to pass through the Automated Clearing System from 1st of June, 2012.<br /><br />To this effect, banks in Nigeria has started sending emails and SMS to the emails and phones of their customers to alert them of this development. If you run a current account in any Nigerian bank, you are advised to visit your nearest bank branch and request for a NUBAN compliant check book.<br /><br />Also you are advised to stop collecting Non-NUBAN cheques that will clear before June 1, 2012.
The Truth is Out There.