CBN hard-line posture on NUBAN cheque book

Emmanuel Udom May 15, 2012

CBN hard-line posture on NUBAN cheque book

By Emmanuel Udom

It is pleasing to note that the Central Bank of Nigeria has commenced the second phase of the Nigerian Universal Bank Account Number (NUBAN). The project I must say is timely, welcome and if well executed could place our country on the universal roadmap as far as banking is concerned in the years ahead.

The buzzword is cashless Nigeria, beginning from Lagos. Therefore, if by June 1, this year, bank cheque books do not carry the 10-digit NUBAN number; the books will not be allowed to pass through the automated clearing system. The Central Bank of Nigeria governor, Mallam Lamido Sanusi has drummed this into the ears of persons in our country for quite sometimes now.

I honestly think the moves of CBN are genuine and capable of placing the various banks operating in Nigeria on the universal platforms, where persons across the globe could do business with.

But, I feel deep down that the apex bank should give commercial and other banks in the country time to migrate to the new cashless policy. June, which is just next month, is too short a time for this noble project to take steam.

Secondly, CBN should work closely with security agencies that deal specifically with financial and related crimes, so as to ensure that criminally minded persons do not look for loop holes in the cashless policy to defraud other people.