The Central Bank of Nigeria, CBN, has directed all Deposit Money Banks, accredited cheque printers/personalised, and the Nigeria Interbank Settlement System (NIBSS) to inform their customers that the old cheque book will cease to be in use as from April 1, 2021.
In a circular issued on Friday and signed by the Director, Banking Services Department, Mr Sam Okojere, the apex bank said the old and new cheque were only allowed to co-exist till March 31, 2021.
According to CBN, the clarification on the new cheque standards is important in view of the different interpretions stakeholders were giving its circular on revised Nigerian Cheque Standards.
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“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 the 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.”
