Home Business CBN revises new cheque standard, implementation to take place Feb 1, 2019
CBN revises new cheque standard, implementation to take place Feb 1, 2019
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CBN revises new cheque standard, implementation to take place Feb 1, 2019

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The Central Bank of Nigeria has revised the Nigerian Cheque Standard and the Nigerian Cheque Printers Accreditation Scheme and set the implementation date at February 1, 2019.

The NCS and NICPAS was introduced in 2006 by the CBN to increase the efficiency and safety in the Nigerian cheque clearing system.

In a circular, released by the CBN, the new and old standard shall run concurrently for one and half years, after which the old standard would be phased out.

The CBN says by August 1, 2020, only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.

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