Central Bank of Nigeria: New bank cheque books usable from April 1
Central Bank of Nigeria: New bank cheque books usable from April 1

The Central Bank of Nigeria (CBN) states that the revised checkbooks of all Deposit Money Banks (DMBs) will become operational as of April 1st 2020.

CBN has directed all banks, accredited Cheque Printers/Personalisers, and Nigeria Interbank Settlement System (NIBSS) to inform their customers.

Sam Okojere, Director, Banking Services Department, gave the advice in a circular on Friday.

Okojere said based on a CBN memo dated December 9, 2020, referenced BKS/DIR/CIR/GEN/02/042, old and new cheques allowed to co-exist, will end on March 31, 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. The Sanction grid will be fully operational on April 1, 2021.”

The official noted that the extension of full implementation to April 1 was due to COVID-19 outbreak and its impact on NCS and NICPAS Version 2.

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