BEVERLY HILLS, December 23, (THEWILL) – Nigeria’s deposit money banks (DMBs) have been notifying their customers about the December 31 deadline to phase out the existing stock of cheque books.
This is sequel to the new cheque design introduced by the Central Bank of Nigeria (CBN) in September 2019 to gradually replace the one being phased out.
Some of the notifications seen by THEWILL showed that the banks would not entertain an extension after December 31.
The customers are advised to take advantage of prescribed digital channels or visit the branches within the period to obtain new cheque books.
In a mail to its customers entitled ‘Revised Nigerian Cheque Standard (NCS)’ Keystone Bank said:
“Please be informed that the Central Bank of Nigeria (CBN) in September 2019, introduced a new cheque book design across all banks. To this end, all old cheque leaves currently in circulation, shall cease to be valid for the automated clearing system effective January 1, 2021.
“In adherence to the new standard, effective December 1, 2020 Keystone Bank will commence issuance of the new Cheque book.
“We encourage you to request (for) the new cheque book through the KeyMobile app, Internet Banking, your account officer, or any Keystone branch. Please note that only cheques which conform to the new standard shall be valid for clearing from January 1, 2021.
On its part, Access Bank has been sending reminders to its customers urging them to obtain the new cheque book within the stipulated period.
“Please note the following important information regarding your cheque books and NEFT transfers.
“Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks.
“To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.
“We encourage you to request (for) the new cheque book on or before October 31, 2020 through any of the following channels”, the bank said in a mail coded ‘Important reminder on cheque books’.
It added, “We would also like to remind you that all cheques with the bank code ‘063’ are no longer valid for clearing and will not be honoured on presentation for payment.”
The CBN in June 2019 issued a circular entitled ‘Implementation of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0,’ to all DMBs, accredited cheque printers/personalisers and the Nigeria Inter-Bank Settlement System.
In the circular, the apex bank stated: “In furtherance to the bank’s effort to ensure a seamless transition to the new cheque standard, it has become necessary to remind all Deposit Money Banks that cheques ordered after 31st August 2019 must conform to the new cheque standard and that the parallel run for old and new cheques shall commence on September 1, 2019.
“The above is in line with the stipulations of the reviewed Nigeria Cheque Standards and Nigeria Cheque Printers Association Scheme document, revised to increase the efficiency and security of the Nigerian Clearing System.
“In order to avoid ambiguities, please note the above timelines, and ensure that your bank’s cheque processing system are ready for the full adoption of the new cheque standard by September 1, 2020.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
