PROBLEMS PROSPECTS AND GROWTH OF THE NIGERIAN’S CHEQUEING SYSTEM. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE

ABSTRACT

This study is intended primarily to find out why the Nigeria society appears to have lost confidence on the use of cheques for transaction. Whether this loss of confidence is as a result of people’s misuse of this instrument or due to some lapses in the chequeing system itself.

Based on the primary motivation, various major problems associated with the use of cheques were identified. However, the use of dud cheques appears to be the base of other problems, which have precipitated into people’s mistrust for cheque in Nigeria. The result according to the author’s findings, is the cash payment basis or bankers draft is usually preferred by individuals, establishments and government agents for settlement of transactions.

Furthermore, this study give a number of solutions and recommendation for more effective chequeing system in Nigeria based on the identified problem.

It is believed that the elimination of these problems will usher in a more functional chequeing system in Nigeria. Happily, the major finding of this study is that there was an increase in the use of cheques during the currency exchange of 1984, and that more employers new pay their workers with cheques through the bank.

CHAPTER ONE

1.1       INTRODUCTION

The question is does an average Nigerian really understand what cheque is? Does he for example, know that cheque are supposed to be mind tenders for monetary transaction.

How does he use the instrument? Again do banks, government officials and their agent actually encourage the use of cheque and operate system without necessary suspicion. Have there been any serious efforts to educate banks, customers and the workings of the system? We are going to discuss the causes of this problem.

For instance, in America and Britain, most ever transaction is done in cheque or credit card without bordering anybody with the liquid cash. Therefore, Nigerians should be thinking as civilized people, though they can on no way  compare their standard of organization, management and their affairs and responsibility with those of industrially advanced nations.

The idea of paying for ever thing on liquid should be left to the past. Payment by chequeing system should be over handled with an aim of making it function more effectively.

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PROBLEMS PROSPECTS AND GROWTH OF THE NIGERIAN’S CHEQUEING SYSTEM. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE