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CBN directs banks to accept cheques in savings accounts

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Bank customers operating savings accounts can now lodge cheques into their accounts as the Central Bank of Nigeria, CBN, has directed banks in the country to start accepting cheque lodgment into savings accounts.
The directive was given by the CBN in a circular signed by its Director of Banking and Payment System Department, Dipo Fatokun.
According to the circular, 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.
This, the apex bank said, was in furtherance of its efforts at strengthening the Nigerian payments system.
The CBN has also removed fixed interest rate on credit cards and discontinued the actual address verification in account opening for customers with BVN.
The apex bank also asked banks to begin to embed BVN biometric data in payment cards issued henceforth, to facilitate off-line BVN verification and biometric-based customer authentication on such payment devices as Automated Teller Machines (ATM), Point of Sale (PoS), kiosks, among others.
By Timothy Enietan-Matthews

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