CBN To Banks: Cheques Ordered After August 31 Must Conform To New Standards

The Central Bank of Nigeria (CBN) has said that after August 31, 2019, all cheques orders must match the new cheque standards.

Recall that the CBN reviewed the Nigerian Cheque Standard (NCS) and Nigerian Cheque Printers Accreditation Scheme (NICPAS), to increase the efficiency and security of the Nigerian clearing system. 

According to a statement by the bank’s Director, Banking Department, Dipo Fatokun, all money deposit banks have been reminded of this new development.

Fatokun added that the parallel run for old and new cheques shall commence on 1st September 2019.

The apex bank further urged banks in the country to adhere to the directives and ensure that their institution cheques processing system are ready for adoption of the new cheque standard by 1st September 2020.