The Central Bank of Nigeria(CBN) has said that banks operating within the Federal Capital Territory recorded a 74.16 per cent fall in cheque transactions within a period of one year.
Giving the figure at the weekend in Abuja, the Branch Controller, CBN Abuja, Mr. John Chukwudifu, attributed the fall in cheque transactions to the successful implementation of the electronic payment system of the federal government as well as the limit of N10million placed on the value of clearing cheques.
Chukwudifu, during the 2011 annual dinner of the Abuja Bankers’ Clearing House Committee, said this was not the situation in the area of funds as there was an increase in funds transfers.
He explained that a total of 1.02 million financial instruments valued at N831.53billion were processed through the clearing house as at November 2011, as against 3.96 million cheques valued at N2.56billion processed in the corresponding period of 2010.
For instance, he said that a total 1.86 million transactions valued at N984.52billion were processed as at November 2011, as against 1.39 million funds transfer valued at N826.27billion in the corresponding period of 2010.
According to him:“This committee (Bankers’ clearing house) was created to foster and facilitate efficient and effective payment system through the clearing of financial instruments and inter-bank funds transfer.
“A total of 1.02 million financial instruments valued at N831.53billion were processed through the clearing house as at November 30, 2011 as against 3.96 million cheques valued at N2.56billion as at the end of November 2010.
“The Nigeria Interbank Settlement System processed 1.86 million funds transfer valued at N984.52billion as at November 30, 2011 compared to 1.39 million funds transfer valued at N826.27billion at the end of November 2010.”