Business
Banks Fined N10 Million for Using Unaccredited Cheque Printers
The Central Bank of Nigeria (CBN) has imposed a N10 million fine on commercial banks that engage unaccredited cheque printers or personalizers, with the additional penalty of cheque withdrawal from circulation.
The directive comes as part of the revised sanctions under the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS). The updated framework specifies:
* Banks using unaccredited cheque printers face a N10 million fine and withdrawal of cheques; repeat offenders are liable for N20 million.
* Failure to submit personalized cheque samples for testing incurs a N5 million fine.
* Cheques that do not meet encoding, security, or quality standards attract a N10,000 fine per instrument.
The circular announcing the sanctions, signed by CBN’s Director of Banking Services, Hamisu Abdullahi, references an earlier 2019 notice on similar violations. Abdullahi emphasized that the revisions aim to enhance the efficiency and security of the Nigerian clearing system.
“The bank has updated the Sanction Grid to reflect current realities in the banking industry,” the circular stated, urging banks and accredited printers to comply with the revised rules.
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