Nigerian Banks to implement new cheque standards come Jan 1, 2021



    The Central Bank of Nigeria, CBN has ordered Nigerian banks to migrate in the New Year (2021), into brand new cheque standards.

    To this end, the banks have in an official mail notification to their various customers said they will not accept the old cheques from December 31, 2020.

    The new cheques come with unique features, including expiry dates and also have cheque digit included on the MICR code line.

    The CBN has been working on moving to the new standard since 2018.

    According to a 9 December circular sent to all deposit money banks, accredited cheque printers and Nigeria Interbank Settlement System [NIBSS], only new cheques will be allowed in the clearing system from I January. 

    The circular was signed by the Director, Banking Services Department, Sam C.Okojere.

    The circular, however, gave some banks, which are unable to meet the 31 December switchover three months of grace, to comply.

    This will be allowed, if reasons for non-compliance were found to be satisfactory by the CBN management.
    But the CBN said it will embark on a full enforcement of the new cheque standards by 1 April, 2021.


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