CBN to high-quality banks, printers N10m for unapproved cheque options 

The Central Bank of Nigeria (CBN) says banks and cheque printers now danger a high-quality of N10 million for utilizing unapproved safety features.

The apex bank disclosed this because it revised the Sanction Grid of the Nigeria Cheque Requirements (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).

The up to date sanctions had been introduced in a discover signed by Director, Banking Companies Division, Hamisu Abdullahi, and dated February 10, 2026.

The transfer is geared toward enhancing the effectivity, integrity, and safety of Nigeria’s banking and cheque clearing system.

What they’re saying 

Within the round, the apex bank pressured the necessity for strict adherence to established requirements to safeguard monetary transactions and strengthen the clearing course of.

• “In furtherance of the Bank’s dedication to extend the effectivity and security of the Nigeria Clearing System, it has turn into crucial to evaluate the aforementioned Sanction Grid to mirror the present realities within the banking business,” the CBN acknowledged.

The revised sanction framework covers a broad vary of infractions, together with:

• Failure to submit cheque samples for approval
• Non-compliance with necessary safety features
• Improper engagement of accredited cheque printers
• Introduction of unauthorized safety features

Penalties additionally vary from fines of as much as N20 million for a repeat offence to suspension of accreditation or withdrawal of non-compliant cheques from circulation.

A key replace within the revised grid is the imposition of sanctions for using unapproved safety features.

Banks and cheque printers discovered responsible of this violation might face fines of as much as N10 million for every infraction.

Backstory 

The newest evaluate builds on a 2019 round that established the framework for the Nigeria Cheque Requirements (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS), as a part of efforts to modernise and safe the nation’s cheque processing system.

• On the time, the CBN directed all Deposit Cash Banks (DMBs) to start implementing the revised cheque requirements from September 1, 2019, to make sure a clean transition to the up to date format.
• The apex bank additionally required that each previous and new cheques used throughout the transition interval adjust to the revised requirements, reinforcing its dedication to bettering the security and effectivity of the Nigerian Clearing System.

The coverage framework is anchored on provisions of the reviewed NCS and NICPAS paperwork, in addition to the powers granted to the CBN underneath Sections 2(d), 33(1)(b), and 47(2) of the CBN Act 2007.

Extra perception 

Within the newest discover, the CBN warned that failure to offer enough discover earlier than deliberate operational modifications or service suspensions may appeal to penalties, together with doable suspension of accreditation.

The Bank emphasised that the up to date sanctions are meant to function a deterrent and guarantee full compliance with cheque printing and processing requirements, thereby preserving confidence within the monetary system.

What it is best to know 

The revised cheque guide commonplace grew to become totally operational in April 2021. On the time, the CBN directed all DMBs to teach clients on the brand new cheque format forward of full enforcement.

The apex bank famous that the clarification was mandatory as a result of some stakeholders had misinterpreted earlier directives.

The revised sanction framework is now anticipated to strengthen compliance and additional strengthen the integrity of Nigeria’s cheque clearing course of.