The Central Bank of Nigeria (CBN) has imposed a N10 million fine on commercial banks for utilizing unaccredited cheque printers and personalizers. This decision is part of their revised sanctions regime under the Nigeria Cheque Standards and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
In the announcement, the CBN specified that using unaccredited printers would lead to the withdrawal of cheques from circulation, alongside the fine. A repeat offense would attract a more substantial penalty of N20 million. Additional fines include N5 million for failing to submit personalized cheque samples and N10,000 for improper encoding of cheques.
The CBN aims to enhance the efficiency and safety of the Nigeria Clearing System, reflecting current realities in the banking sector. The revised sanctions are intended to ensure compliance with established standards for cheque processing.
This initiative follows a prior circular from 2019 regarding sanctions for violations of the Nigerian Cheque Standards. The CBN’s firm stance on this issue underscores its commitment to maintaining high operational standards in the nation’s banking industry.
