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Posted by Felix Okoli on Saturday September 17, 2016 at 12:58:19:

One of the benefits of having a savings account now in Nigeria is that users can now cash their cheques into their accounts and don't need to have a current account to do so.

In the past, it was impossible to deposit a cheque into a savings account as people were required to have a current or special account where they can deposit it but things have changed now as the Central Bank of Nigeria(CBN) has made a new policy permitting it.

What this means is that Nigerians who receive cheques or dividend warrants can now convert them to cash by simply depositing them into a saving account that bears the same name written on the cheque and hence pay little or no fees for doing so.

When a cheque is issued to a person in Nigeria, the person can convert it to cash by either presenting it to a bank to collect cash over the counter or by depositing it into an account that can receive it. In the past, the only account that could receive a cheque was a current account but now, a savings account can also do that.

According to reports in the news in August 2016, the CBN has directed all banks in Nigeria to start accepting cheque deposits into savings accounts they hold. Well, this is good news for many Nigerians who don't have a current account or would want to avoid charges associated with operating one as now they can convert their cheques into real money by depositing it into their savings accounts.

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Comments:
Re: Nigerians can now pay Cheques into savings accounts Reply by Pupu Anthony on Sunday July 16, 2017 at 9:43:3:

Can Chepue Issued And Send Online Be Cash In Nigeria Savings Account.

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