Nigerian banks’ revised cheque books become operational from April 1

*The Central Bank of Nigeria’s earlier directive through a circular to all Deposit Money Banks, accredited cheque printers/personalisers, and Nigeria Interbank Settlement System stated on issuance of revised cheque books to customers takes full effect from Thursday, April 1

Isola Moses | ConsumerConnect

Sequel to the Central Bank of Nigeria (CBN) earlier directive to all the Deposit Money Banks (DMBs), accredited Cheque Printers/Personalised, and Nigeria Interbank Settlement System (NIBSS), to enlighten their customers and other financial product and service consumers on the revised cheque booklets, usage of the revised cheque books now begins in the country Thursday, April 1, 2021.

It is recalled that Mr. Sam Okojere, Director, Banking Services Department, who stated this in a circular posted on the CBN Web site in January this year, said it had become imperative for the Bankers’ Bank to enlighten stakeholders about the circular, which had been interpreted differently from the intended purpose.

ConsumerConnect investigations to ascertain the affected bank customers’ level of compliance with the new directive at a number of DMBs in Ogba and Ikeja areas of Lagos State Wednesday revealed that a considerable number of personal and corporate current account holders had started requesting the revised cheque books.

The CBN Director, Banking Services Department, had explained that in view of the CBN circular dated December 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, would end Wednesday, March 31, 2021.

According to the Bank, only new cheques would be allowed in the clearing system from Thursday.

The circular noted that “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.

“Sanction grid will be fully operational on April 1, 2021.”

According to the ape bank, “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.

“The extension of full implementation date from January 1 to April 1, 2021, is due to the outbreak of the COVID-19 pandemic and the impact it had on the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version. 2.