CBN halts use of foreign draft and cheques for tax remittances
— 24th May 2018
Chinwendu Obienyi
The Central Bank of Nigeria (CBN) has said it would no longer accept foreign draft and cheques as mode of inflows for customers as regards tax remittances.
Deputy Director, Banking Payment Systems Department (CBN), Jack Ukitetu, disclosed this during the 2018 Nigerian Capital Development Fund (NCDF) Stakeholders Sensitisation Workshop organised by the Nigerian Content Development and Monitoring Board (NCDMB), in Lagos, on Wednesday.
Delivering a lecture on the Remittance template of taxes in foreign currencies : Payment process and procedures, Ukitetu explained that due to the delays in getting value for such instruments, risk of return even after the value has been given and as regards the global trend in payment practices, it will no longer accept foreign drafts and…
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