CBN revised new cheque book to become fully operational from April
The Central Bank of Nigeria (CBN) has announced that all deposit Money Banks (DMBs) accredited Cheque printers/personalizers, and the Nigeria Interbank Settlement System (NIBSS) should enlighten their customers on the revised cheque book, introduced across all banks.
The Director, Banking Services Department, Sam Okojere gave the advice in a circular posted on the CBN website, stating that it has 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 cheques would be allowed in the clearing system from 1st April 2021.
The circular states: “The parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.
“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. The 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 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.”
Recall that CBN stated in a circular issued earlier that it had put the cut-off date for the parallel run of the old and new cheques at August 31, 2020.
This was further extended to December 31, 2020, with only new cheques intended to be allowed in the clearing system from January 1, 2021, due to the outbreak of the COVID-19 pandemic and the impact it had on the project.
This further adjustment of the deadline gives room for more sensitization by the deposit money banks to their customers, taking into consideration the disruptions that have happened in the economy.
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