Effective 1st April, only the newly revised bank cheques would be allowed in the clearing system and also accepted nationwide as the Central bank of Nigeria(CBN) extends the usage of the old instruments by another three months.
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. caused the extension of the circulation of the old chequebooks which ought to have stopped on December 31, 2020 according to previous CBN directive.
The shift from January 1 to April 1 of the official commencement date of the reviewed cheque books of all Deposit Money Banks (DMBs) is contained in a CBN circular referenced BKS/DIR/CIR/GEN/02/043, and signed by Sam Okojere, Director, Banking Services Department on January 5, 2021.
For the three months of the extension, the old cheque books will still be allowed at the same time with the new while the former will cease to be accepted from April 1.
The apex bank in the circular, advised all 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 to avoid misinterpretation, as it noted that the issuance becomes imperative owing to a different interpretation from the previously intended purpose.
The circular explains that based on the CBN’s circular dated December 9, 2020, referencedBKS/DIR/CIR/GEN/02/042 on the subject it reads:
“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. 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.
“The extension of full implementation date from Jan. 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.
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