CBN to banks: Comply with cheque standard, accreditation scheme

In a circular posted on its website last weekend, the apex bank stated: “Kindly refer to the CBN circular of September 18’ 2018, where the Bank communicated the approval of the second edition of the Nigerian Cheque Standard (NCS) and Nigerian Cheque Printers Accreditation Scheme (NICPAS), and the subsequent implementation guidelines. “In furtherance of the Bank’s effort to increase efficiency and safety in the Clearing system, the Bank hereby notifies all stakeholders that the Nigerian Cheque Standard (NCS) and Nigerian Cheque Printers Accreditation Scheme (NICPAS), aka Green Book Version 2.0, will be implemented using the unique State Codes stipulated as the components of the Sort Code on cheque instruments.” The CBN directed DMBs to ensure that Sort Code of their branches in different States carry the same State Code as their geographic locations (State). Specifically, the CBN said: “DMBs are hereby directed to conform to the State Codes provided in this circular and ensure compliance. Consequently, banks with branches within a State but continue to use State Code for a different State shall be sanctioned. “In addition, all DMBs are mandatorily required to activate the MICR reject/repair flag on their Clearing system, for accurate cheque rejects/repair statistics report and good decision making for the industry.”]]>