CBN Grants Operators up till April 1, 2019 to Implement The Revised NCS and NICPAS


Tuesday, March 05, 2019 06.07PM / By CBN


Please recall that the Central Bank of Nigeria reviewed the Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS), to increase the efficiency and security of the Nigerian Clearing System. In this regard, the Bank issued a circular dated September 18, 2018 stipulating the implementation timelines, amongst other components of the revised NCS/NICPAS 2.0 document.

The Bank observed the need to give more time to the operators to meet the requirements of the | new NCS/NICPAS 2.0, test the necessary changes and sensitize the relevant stakeholders. This is to ensure a hitch-free take-off of the revised Guidelines.

In view of this, it has become imperative for the Bank to amend the implementation timelines of the revised NCS/NICPAS 2.0 as follows:

  •  The implementation start date of the revised NCS/NICPAS 2.0 shall be April 1, 2019
  •  The new and the old cheques shall run concurrently for 17 months from the above-mentioned implementation date, after which the old standard would be phased out.
  •  All cheques ordered after 1st September 2019 must conform to the new standard
  • By 1st September 2020 only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.
  •  Deposit Money Banks and Companies that wish to personalize cheques in line with the new standard must seek for and be accredited by the CBN.
  • DMBs are required to engage their respective Service Providers to prepare their In-Clearing Application to support the processing of cheques designed in line with the new standard.

 Consequently, all DMBs that wish to personalize their cheques should note that their MICR application would also need to be reviewed along this line, to ensure a seamless personalization, in accordance with the NCS/NICPAS 2.0,

Download Full PDF Circular Here

Proshare Nigeria Pvt. Ltd.

Related News

1.       Statement On The Implementation Phases Of Margin Requirements For Non-Centrally Cleared Derivatives

2.      Additional Data Fields For Industry Customer Account Database Submission To NIBSS Plc

3.      SEC Introduces Changes To Filing Of Consent Letters and Executed Offer Document

4.      EU and Global Securities Regulators Welcome Agreement on Data Transfer

5.      IOSCO Members Report Having Mostly Implemented Secondary Market Principles

6.      Anti-Money Laundering And Combating The Financing Of Terrorism Policy and Procedure Manual

7.      Emerging Market Regulators Consult On Recommendations Related To Sustainable Finance

8.     CPMI-IOSCO Assessment Concludes That Switzerland Has Generally Implemented The PFMI

9.      CBN Releases Revised 2018 Exposure Draft For The “Regulation On End-To-End Electronic Payment”

10.  Nigeria Plans Tougher Bank Capital Rules as Bad Debts Weigh

11.   CBN Publishes Banknote Fitness Guidelines

12.  SEC, NIPC Collaborate to Attract Investors

13.  IOSCO Statement On Disclosure Of ESG Matters By Issuers

14.  IOSCO Issues Good Practices To Assist Audit Committees In Supporting Audit Quality

15.   CBN Deploys Consumer Complaints Management System Effective Jan 02, 2019

16.  SEC Nigeria Tasks Shareholders on Monitoring Their Investments

17.   SEC Nigeria Will Not Prosecute Multiple Account Holders - Mary Uduk ,Acting DG

18.  Redesigning Europe’s Financial Landscape

19.  Gov. Emefiele Outlines Policy Thrust for 2019; Woos Foreign Investors

20. Testimony On Oversight Of The U.S. Securities And Exchange Commission

Proshare Nigeria Pvt. Ltd.
Related News