Revised Cheque Book Becomes Fully Operational April 1, Says CBN

The Central Bank of Nigeria (CBN) has ad­vised all Deposit Money Banks (DMBs) accredited cheque printers/person­alisers, and the Nigeria Interbank Settlement Sys­tem (NIBSS), to enlighten their customers on the revised cheque book, in­troduced across all banks.

Sam Okojere, Director, Banking Services Depart­ment, who gave the advice in a circular posted on the CBN website, said it had become imperative for the apex bank to enlight­en stakeholders about the circular, which had been interpreted differently from the intended pur­pose.

He explained that based on the CBN’s cir­cular dated December 9, 2020, referenced BKS/ DIR/CIR/GEN/02/042 on the subject, the parallel run, in which old and new cheques would be allowed to co-exist, would end on March 31, 2021, and thus only new cheques would be allowed in the clearing system from April 1, 2021.

“Full enforcement of the second edition of the Nigeria Cheque Stan­dard (NCS) and Nigeria Cheque Printers Accred­itation Scheme (NICPAS) Version 2.0 will com­mence April 1, 2021 and the NCS/NICPAS 2.0. Sanction grid will be ful­ly operational on April 1, 2021.

“All deposit money banks are (therefore) di­rected to actively enlight­en their customers and ensure necessary provi­sions are put in place for a smooth migration to the New standard.

“The extension of full implementation date from January 1 to April 1, 2021 is due to outbreak of the Covid-19 pandemic and the impact it had on the Nigeria Cheque Stan­dard (NCS) and Nigeria Cheque Printers Accred­itation Scheme (NICPAS) Version. 2.