The Central Bank of Nigeria has imposed a N10 million fine on commercial banks that engage unaccredited cheque printers or personalisers, with repeat offenders facing a N20 million penalty and withdrawal of cheques from circulation.
The apex bank disclosed the sanctions in its revised grid for defaulters of the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme.
According to the circular signed by the Director of Banking Services Department, Mr. Hamisu Abdullahi, the revised sanctions aim to “increase the efficiency and safety of the Nigeria Clearing System” and reflect current realities in the banking industry.
Key sanctions include:
– Engagement of unaccredited commercial cheque printers: withdrawal of cheques from circulation and N10 million fine; repeat offence attracts N20 million fine and withdrawal of cheques.
– Failure to submit personalised cheque samples for testing and analysis: N5 million fine.
– Improper encoding or failure to meet security and quality standards: N10,000 fine per instrument.
The CBN recalled that it first issued sanctions on defaulters of the Nigerian Cheque Standards and NICPAS in 2019. The revised grid addresses infringements by banks and accredited cheque printers or personalisers under the updated NCS/NIPAS 2.0 framework.
