Nigerian banks begin implementation of new cheque book design

In line with the Nigeria’s Central Bank order, Deposit Money Banks have commenced implementation of new cheque book standard.

Consequently, some banks like Access Bank Plc have issued a notice to their customers to request the new cheque book on or before October 31, 2020.

The regulator, in September 2019, introduced a new cheque book design across all banks. To this end, old cheque leaves will be phased out and no longer be honoured on presentation, effective December 31, 2020.

“We would also like to remind you that all cheques with bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment,” a statement from the bank stated.

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The \Apex bank had in a circular to all deposit money banks, accredited cheque printers/personalisers and the Nigeria Inter-Bank Settlement System (NIBSS), signed by Dipo Fatokun, former director, banking and payments system department, stated that all cheques ordered after August 1, 2019, must conform to the new standard.

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

The circular states that personalisers that wish to personalise cheques in line with the new standard must seek for and be credited by the CBN.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.