The Central Bank of Nigeria (CBN) has issued a fresh directive warning banks and accredited cheque printers that repeated breaches of cheque standards will attract fines of up to N20 million.
In a circular signed by banking services director Hamisu Abdullahi, the apex bank announced revised sanctions under the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme 2.0.
Banks that engage unaccredited cheque printers risk N10 million fines and withdrawal of affected cheques, with repeat offences attracting N20 million penalties. Failure to submit personalised cheque samples for testing will incur N5 million fines. The CBN stated the review aims to strengthen the clearing system and align enforcement with current industry realities.
Key Points:
The penalties are designed to reduce financial losses and inconveniences caused by rejected cheques.
It reinforces confidence in the cheque clearing system as a legitimate payment instrument.
Compliant banks and printers avoid sanctions, while defaulters face significant financial and operational penalties.
This signals the CBN’s commitment to enforcing quality standards despite declining cheque usage.
The timing, with updated sanctions, reflects proactive regulatory adaptation to industry challenges.
Banks and accredited printers must immediately comply with the revised standards to avoid substantial fines and operational disruptions.
Sources: CBN Circular, TheCable