BY BANYO TEMITAYO
IN line with the planned enforcement of the new cheque standard by the Central Bank of Nigeria, Deposit Money Banks have commenced the process of issuing redesigned cheque books to customers.
This is to improve the security of transactions as well as make processing faster and more secure.
The CBN had, a few days ago, shifted the commencement date for the enforcement of the new cheque standard to the end of the first quarter of 2021, citing disruptions caused by the COVID-19 pandemic on the project.
Findings by The Point showed that many customers had started approaching their banks for an update on the new cheque policy.
It was learnt that the banks had been preparing for the old deadline before the CBN extension.
A message by one of the new generation banks to customers read, “To improve the security of your transactions and make cheque processing faster and more secure, your cheque book has been redesigned in line with the new standards outlined by the Central Bank of Nigeria (CBN).
“Please note that effective 1st April 2021, old cheques will no longer be accepted in the cheque clearing system…
“You should have already received your new cheque book; if you haven’t, please make a request at a branch close to you.”
Some major features of the redesigned cheque book are the change in control number, from eight to 10, and the positioning of the signature line, among others.
The regulator had disclosed the change in the date of enforcement in a circular on the Revised Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme.
The apex bank had, last year, given January 1 as the deadline for the enforcement of the new cheque standard.
But in the fresh directive to banks, the CBN said it had given a grace period of three months, from January 1, to March 31, 2021.
The new cheque will introduce new digits on the Magnetic Ink Character Recognition code line and expiry dates for new cheque books.
The CBN said, “The parallel run, in which old and new cheques are allowed to co-exist, will end 31 March, 2021.
“Full enforcement of the 2nd edition of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0 will commence 1st April 2021 and the NCS/NICPAS 2.0 Sanction grid will be fully operational on April, 2021.”
Consequently, the CBN directed Deposit Money Banks to ensure full engagement of their customers in the transition process.
