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.
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“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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