The CBN has advised Deposit Money Banks (DMBs) accredited Cheque Printers/Personalised, and the Nigeria Interbank Settlement System (NIBSS) to enlighten their customers on the revised cheque book introduced across all banks.
The Director of Banking Services Department, Mr. Sam Okojere, who gave the advice in a circular posted on the CBN website, said it has become imperative for the Apex bank to enlighten stakeholders about the circular, which has 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 are allowed to co-exist, will 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 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.