Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria, (CBN).
According to First Bank of Nigeria Plc, in a notification to customers, as from 1st January, 2021, the old cheques will expire. Access Bank Plc also told customers that the old cheques will not be accepted after 30th December of this year.
The new cheques come with unique features and have expiry dates; they also have cheque digits included on the MICR code line.
The CBN has been working on moving to the new standard since 2018. According to a 9th December circular sent to all deposit money banks, accredited cheque printers and Nigeria Interbank Settlement System (NIBSS), only new cheques will be allowed in the clearing system from Ist January, 2021.
The circular, which was signed by the apex banks Director, Banking Services Department, Sam C. Okojere, however, gave some banks, which are unable to meet the 31 December switchover three months of grace, to comply. This, it said, will be allowed, if reasons for non-compliance were found to be satisfactory by the CBN management.
But the CBN said it will embark on a full enforcement of the new cheque standards by 1 April, 2021.
