The Central Bank of Nigeria (CBN) has imposed a N10 million fine on commercial banks that use unaccredited cheque printers or personalisers.
This sanction is part of the apex bank’s revised penalties for violating the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
Banks found using unaccredited printers will face a N10 million fine and immediate withdrawal of affected cheques. Repeat offenders will be fined N20 million and have their cheques withdrawn.
The CBN aimed to strengthen efficiency and safety within the Nigeria Clearing System and reflect current banking sector developments.
All banks and accredited cheque printers/personalizers are urged to comply with the revised guidelines.
