CBN Forbids The Mint Corporation From Printing Checks

CBN Approves Reduction In Banks' CRR

A recent circular states that the Central Bank of Nigeria has authorized four homegrown companies to issue checks in the nation.

Superflux International Limited, Tripple Gee and Company, Yaliam Press Limited, and Marvelous Mike Press are among the companies listed in the circular, which was signed by Sam Okojere, the director of the Banking Services Department.

These businesses were accredited and given permission to print and personalize checks.

The Central Bank of Nigeria (CBN) stated, “In furtherance of its mandate to ensure an efficient Payment and Settlement System, the CBN, in collaboration with the MICR Technical Implementation Committee, conducted the re-accreditation of Cheques Printers and Cheque Personalizers in line with the NICPAS qualification criteria. The list of Cheque Printers and Personalizers with active authorization as of May 4, 2023, is as follows.

Seven banks, including Zenith Bank Plc, Ecobank Plc, Stanbic IBTC Bank Plc, First Bank Ltd, Keystone Bank Ltd, Wema Bank Plc, and Providus Bank Ltd., were also listed in the circular as having been given approval to personalize checks.

It was claimed that all authorized printers and personalizers had been adequately informed and certificates had been issued.

The list currently available does not include two businesses that were accredited and approved in 2014.
The companies include Euphoria Group Limited and Nigeria Security Printing and Minting Company Plc.

Nigeria’s currency, including the recently minted new N1000, N500, and N200 notes, is printed by the Nigeria Security Printing and Minting Company Plc. Additionally, it was noted that there are now four check printers as opposed to 14 in 2010, a fall of 71.43 percent.

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