The Central Bank of Nigeria (CBN) has imposed a ₦10 million fine on commercial banks found using unaccredited cheque printers or personalisers, along with withdrawal of affected cheques from circulation.
The move is part of the CBN’s revised sanctions under the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
According to the apex bank, any bank engaging unaccredited cheque printers will face a ₦10 million fine, while repeat offences attract a ₦20 million penalty.
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Additionally, failure to submit cheque samples for testing will incur a ₦5 million fine, and improper encoding or failure to meet security standards will be fined ₦10,000 per cheque.
In a circular signed by Mr. Hamisu Abdullahi, Director of the Banking Services Department, the CBN stated that the sanctions were updated to strengthen the efficiency and security of the Nigeria Clearing System.
The central bank urged all banks and accredited cheque printers to comply strictly with the revised NCS/NICPAS guidelines.
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