The Central Bank of Nigeria (CBN) has said that only new cheques would be allowed in the clearing system from 1st April 2021 and 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.
The Apex stated that the full enforcement of the second edition of the Nigerian Cheque Standard (NCS) and Nigerian Accreditation Scheme (NICPAS) version 2,0 will commence on April 2021.
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Mr Sam Okojere, Director, Banking Services Department, in a circular posted on the CBN website, said the circular had been interpreted differently from the intended purpose hence the need for the Apex Bank to enlighten stakeholders about it.
Okojere said 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, therefore only new cheques would be allowed in the clearing system from 1st April 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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
