Banks To Discontinue Old Cheque Use December 31
In a bid to meet digital advancement and in compliance with the Central Bank of Nigeria (CBN) directive, Nigerian banks have begun to notify the general public of the discontinuation of the use of its old standard cheque on December 31,
Access Bank in a notice to its customers on Sunday, warned that the cheque will not be accepted and will not go clearing from January 1, 2024.
The notification from Access Bank reads “Effective 31st December 2023 we will be discontinuing the use of our old standard cheque in accordance with CBN directive on discontinuation of old cheque for transactions.
” For your convenience, our various channels and branches are available for our new chequebook request”, stated the bank which urged its customers to access its services through the internet banking platform *901#, cards and POS machines for transfer, payment and purchases.
It would be recalled that following the expiration of the deadline issued by the CBN on acceptance of the old chequebook, Deposit Money Banks (DMBs) in the country had on April 1 stopped to honour the old standard chequebook.
CBN had in January extended the full implementation of the newly revised chequebook.
Sam Okojere, Director, of the Banking Services Department, in a December 9, 2020 circular referenced BKS/DIR/CIR/GEN/02/042 on the subject, said both the old and the new cheques will be allowed to co-exist till 31st March 2021, after which only the new cheques would be allowed in the clearing system from 1st April 2021.
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