Kikelomo Okere
Editor
The Central Bank of Nigeria has imposed a ₦10 million fine on any commercial bank that uses unaccredited cheque printers or personalisers. Beyond the fine, such cheques will be withdrawn from circulation. A repeat violation attracts an even stiffer ₦20 million penalty, alongside another withdrawal.
The revised sanctions regime, issued under the Nigeria Cheque Standard and the Nigeria Cheque Printers’ Accreditation Scheme, tightens compliance across the industry. Failure to submit personalised cheque samples for testing will cost banks ₦5 million. Poor encoding or failure to meet mandatory security and quality standards will attract a ₦10,000 fine per cheque.
The directive, signed by the Director of Banking Services, Hamisu Abdullahi, updates the 2019 sanctions framework. The apex bank says the review reflects current realities in the banking sector and is aimed at strengthening the safety and efficiency of the Nigerian clearing system.
