CBN releases new cheque standard

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The Central Bank of Nigeria (CBN) has revised the Nigerian Cheque Standard and the Nigerian Cheque Printers Accreditation Scheme and set the implementation date at February 1, 2019.

The NCS and NICPAS were introduced in 2006 by the CBN to increase the efficiency and safety in the Nigerian cheque clearing system.

In a circular, released by the CBN, the new and old standard shall run concurrently for one and half years, after which the old standard would be phased out.

The CBN says by August 1, 2020, only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.

Personalisers that wish to personalise cheque in line with the new standards must now be accredited by the apex bank.

However, in the event that the personaliser feels that the decision of the MTIC panel to reject an application, deny accreditation, or terminate accreditation is not justified, an appeal may be lodged.

Interestingly membership of the scheme has now been expanded to and is now open to entities such as the Deposit Money Banks, Accredited Cheque printers/Personaliser.

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