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“We would also like to remind you that all cheques with bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment,” a statement from the bank stated.

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.

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