Regulatory Alerts2023-10-17 | BKS/DIR/CIR/GEN/001/003Circular On The Revised Nigeria Cheque Standard (NCS) And Nigeria Cheque Printers Accreditation Scheme (NICPAS) MICR Rejects.
The Central Bank of Nigeria is addressing an increase in MICR rejects by directing banks to revalidate MICR codeline details and examine their in-house cheque processing equipment to ensure proper calibration and supervision. The bank will monitor compliance with the provisions of this circular, and any bank with MICR rejects starting from November 15, 2023, will be penalized according to the Sanctions Grid.
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