Co-exist of Old and New Cheques Will End on March 31st, 2021

Friday, January 22, 2021 / 05:15 PM / by CBN / Header Image Credit: Dreamstime

Please refer to our circular dated 9th December 2020, referenced BKS/DIR/CIR/GEN/02/042 on the above subject.

It has come to our notice that some stakeholders interpret the circular differently from the intended purpose. Consequently, it has become imperative for the CBN to issue the following Clarifications:

1. The parallel run, in which old and new cheques are allowed to co-exist, will end on 31^st March 2021. Only new cheques will be allowed in the clearing system from 1 April 2021.
2. Full enforcement of the 2nd edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence 1st April, 21 and the NCS/NICPAS 2.0. Sanction grid will be fully operational on 1 April, 2021.
3. All deposit money banks are directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.
4. The extension of full implementation date from 1st January 2021 to April 1, 2021 is due to outbreak of the Covid-19 pandemic and the impact it had on the Nigeria Cheque standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 Project.

Please, be guided accordingly.

Related News - CBN Circulars and Publications

1. CBN Releases Circular on the Issuance of the Framework for the Regulatory Sandbox Operations
2. CBN Issues Framework for Quick Response Code Payments in Nigeria
3. CBN Issues Framework for Regulatory Sandbox
4. Manufacturing PMI Stands at 49.6% in December 2020 from 50.2% in November 2020
5. CBN Revokes Operating Licenses of Seven Payment Services Providers and a Switch Licence Holder
6. CBN Publishes Draft Guidelines for the Operation of NIFI's Instruments
7. CBN Releases Draft Framework for The Operationalisation of Its Non-Interest Asset Backed Securities
8. CBN Approves New Licence Categorisations for The Nigerian Payments System
9. CBN Provides Clarifications on the Operations of Export Proceeds and Ordinary Domiciliary Accounts
10. CBN Clarifies That 'Form M' May Be Processed for Purchases Made Through Third-Party Agents