The Central Bank of Nigeria (CBN) has announced a N10 million fine and withdrawal of cheques for commercial banks engaging unaccredited cheque printers or personalisers. The directive is part of a revised sanctions regime under the Nigeria Cheque Standard and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
According to the CBN, any bank found using unaccredited cheque printers will face withdrawal of affected cheques from circulation and a fine of N10 million, while repeat offenders will incur N20 million. Banks that refuse to submit personalized cheque samples for testing will be fined N5 million, and failure to encode cheques properly or meet security standards will attract a N10,000 fine per cheque.
The circular, signed by Hamisu Abdullahi, Director of Banking Services Department, highlighted that the updated sanctions reflect current realities in the banking industry and aim to enhance the efficiency and safety of the Nigeria Clearing System. The revised measures build on guidelines first issued in 2019, reinforcing compliance expectations for banks and accredited cheque printers across the country.
The CBN urged all banks and cheque personalisers to adhere strictly to the updated regulations to avoid penalties and ensure the integrity of the nation’s cheque processing system.
Leave a comment