Bank Customers to Get Value for Cheques After 24 Hours from Thursday

With effect from September 4 2014, all clearing cheques in the country will no longer wait for two working days to clear, they will receive value at end of the next working day. 
The new system is an enhancement to the cheque truncation system introduced by the Central Bank of Nigeria (CBN) to effectively improve the efficiency of the Nigerian payment system. Cheque truncation is the conversion of a physical cheque into a substitute electronic form for transmission to the paying bank. 
The CBN Director, Banking and Payment System, Dipo Fatokunstated that the new system, which is commonly referred to as T+1 means that “if you pay in a cheque on Monday, by the close of business on Tuesday, your account would be credited, unlike what is currently obtainable which is Wednesday.” 

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