The Central Bank of Nigeria (CBN) says revised cheque books of all Deposit Money Banks (DMBs) will become operational from April 1, 2020.
CBN directed all banks, accredited Cheque Printers/Personalised, and the Nigeria Interbank Settlement System (NIBSS) to enlighten their customers.
Sam Okojere, Director, Banking Services Department, gave the advice in a circular on Friday.
Okojere said based on a CBN memo dated December 9, 2020, referenced BKS/DIR/CIR/GEN/02/042, old and new cheques allowed to co-exist, will end on March 31, 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.”
The official noted that the extension of full implementation to April 1 was due to COVID-19 outbreak and its impact on NCS and NICPAS Version 2.