The Central Bank of Nigeria has called on Deposit Money Banks, Accredited Cheque Printers/Personalisers and Nigeria Inter-Bank Settlement System to further enlighten their customers on its position regarding the revised cheque book.
In a circular signed by its Director of Banking Services Department, Sam Okojere, the CBN claimed that some stakeholders had interpreted the circular differently from the intended purpose; hence it was imperative for it to make clarifications.
It said the parallel run, in which the old and new cheques co-existed, would end on March 31, 2021. To that effect, only new cheques would be allowed in the clearing system from April 1.
“Full enforcement of the second edition of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme Version 2.0 will commence April 1, 2021 and the NCS/NICPAS 2.0. Sanction grid will be fully operational.
“All DMBs are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the new standard,” CBN stated.
According to the apex bank, the extension of full implementation date from January 1 to April 1 is due to outbreak of Coronavirus Disease and the impact it had on NCS and NICPAS Version 2.0 project.
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