Business
CBN releases new cheque standard
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.
-
Latest2 days agoPastor Chris Oyakhilome announces mother’s passing at 88 [VIDEO]
-
Football5 days agoSaka: England still carry World Cup scar
-
Comments and Issues7 days agoSometimes, goodwill finds us through the people we love
-
Latest3 days agoArsenal eye €70-80m move for Real Madrid star
-
Business6 days agoCBN reduces MPR by 350bps to 23% in major monetary policy shift
-
Business1 week agoJetour takes T1 adventure SUV experience to Abuja, targets growing Nigerian market
-
Crime3 days agoPolice arrest suspect, launch manhunt for 2 others over Delta Education Director’s death
-
Latest2 days agoHow adulterated palm oil, coloured pepper are putting consumers at risk