CBN extends deadline on uniform account number

THE Central Bank of Nigeria (CBN) has extended the deadline for the full implementation of the Nigeria Uniform Account Number (NUBAN) to June 1, 2012.

The exercise was hitherto scheduled to end on June 1, 2011. The implication is that the CBN has given a year extension period.

This new directive was contained in a memo to all banks. It was signed by the apex bank’s Director, Banking and Payments System Department, A.S. Atoloye.

The memo from the apex bank, which was obtained by The Guardian yesterday, was titled “One year extension period for NUBAN.”

The apex bank noted that in view of several requests from stakeholders for an extension of the transition period, and the need for a successful transition, it deemed it necessary to extend the transition period by one year during which old account numbers/cheques, and NUBAN codes would co-exist in the electronic payment and cheque clearing systems, with full implementation expected by June 1, 2012.

Based on that, the CBN stressed: “You are therefore by this circular required to comply with the timeline of June 1, 2012 for full transition of NUBAN codes.”