The Bill seeks to amend the Dishonored Cheques (Offences) Act to increase the confidence in the use of financial instruments (cheques) with its attendant effect on the cash light policy of the CBN by among other things:
making the issuer of dud cheques strictly liable for the offence of issuing Dud Cheques.
increasing the window and opportunity for issuers of cheques to honour their obligations upon the issuance of cheques through the provision for demand notices
making adequate and appropriate sanctions for the issuance of dud cheques by body corporates
creating the legal framework for the Central Bank of Nigeria to carry out robust regulatory measures in respect of dishonoured cheques