DETAILED: Nigerian banks set migrate to new cheque standards, old ones expire 31 Dec |SEE SPECIAL FEATURES
Thompson Nsisongabasi
Dec 21, 2020
Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria.
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From 1 January 2021, the old cheques will expire, said the First Bank in a notification to customers.
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It means the bank will no longer accept them for payments.
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The new cheques come with unique features.
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They have expiry dates and also have cheque digit included on the MICR code line.
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The CBN has been working in moving to the new standard since 2018.
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According to a 9 December circular sent to all deposit money banks, accredited cheque printers and Nigeria Interbank Settlement System [NIBSS], only new cheques will be allowed in the clearing system from I January.
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The circular was signed Sam C. Okojere, director Banking Services Department.
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The circular, however, gave some banks, who are unable to meet the 31 December three months of grace, to comply.
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This will be done, if reasons for non-compliance were found to be satisfactory by the CBN management.
But the CBN said it will embark on a full enforcement of the new cheque standard by 1 April, 2021.
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— Thompson Nsisongabasi