The Central Bank Nigeria (CBN) has said that starting from tomorrow, Thursday 1, April the old cheque book will no longer be accepted at the clearing house in line with the CBN’s circular, last year, to Deposit Money Banks(DMBs) in the country.
CBN had in January extended the full implementation of the newly revised cheque book.
The Director, Banking Services Department, Sam Okojere in a circular posted on the CBN website, dated Dec. 9, 2020, referenced BKS/DIR/CIR/GEN/02/042 on the subject, the parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.
“Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence April 1, 2021, and the NCS/NICPAS 2.0. The sanction grid will be fully operational on April 1, 2021.
“All deposit money banks are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.”