Old cheques to be out-of-use by March 31 – CBN

By Ugbede Usman

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Due to the effect of the Covid-19 pandemic, old cheque books will now be phased out between 1st of January to 31st of March 2021, the Central Bank of Nigeria says.

The Nigeria apex financial regular made this known in a circular titled ‘Re: Circular on the revised Nigeria cheque standard and Nigeria Cheque Printers Accreditation scheme,’ addressed to all Deposit Money Banks, accredited cheque printers/personalisers and Nigeria Interbank Settlement System.

The circular which was issued on Friday was for clarification as it states that it was noticed that some stakeholders had a different interpretations from what was intended.

The circular as signed by the Director, Banking Services Department, Sam Okojere, read in part, “The parallel run, in which old and new cheques are allowed to co-exist, will end on March 31. Only new cheques will be allowed in the clearing system from April 1, 2021.

“Full enforcement of the second edition of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0 will commence 1st April 2021 and the NCS/NICPAS 2.0. Sanction grid will be fully operational on 1st April, 2021.”

“All Deposit Money Banks are 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 the full implementation date from 1st January 2021 to April 1, 2021 is due to outbreak of the COVID-19 pandemic and the impact it had on the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0 project.”

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