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Payment System: CBN Commences Implementation Of New Cheque Book Regime

The Central Bank of Nigeria (CBN) says with effect from April 1st, 2021 the old cheque book will no longer be accepted at the clearinghouse as the implementation of the newly revised cheque book begins across the nation.

In a statement, the Director, Banking Services Department, CBN, Sam Okojere said it was imperative for the Apex bank to enlighten the stakeholders about the circular, owing to the different interpretation for its intended purpose.

Both the old and the newly revised cheque books have been running parallel but the last day for the use of the old cheque book was Wednesday 31st March 2021.

“based on the CBN’s circular 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. Okojere explained.

CBN had in January extended the implementation of the revised cheque book which ought to have started on January 1st, 2021 and immediately advised all Deposit Money Banks (DMBs) accredited Cheque Printers/Personalised, and the Nigeria Interbank Settlement System (NIBSS), to enlighten their customers on the revised cheque book, introduced across all banks.

CBN Governor, Godwin Emefiele

The implementation was extended to April 1, 2021, owing 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.

“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. Effective April 1, 2021, however, the current format cheque leaves will no longer be accepted in the cheque clearing system.” The statement read.

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