CBN Directs Bank to Ensure Smooth Migration to New Cheque Book

…As co existence of old and new cheque books end March 31st

The CBN  has advised all 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.

Mr 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 Dec. 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 31st March 2021, and thus only new cheque books would be allowed in the clearing system from 1st April 2021.

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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 Jan. 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.

Cheque book