Regulatory Alerts2023-07-04 | BKS/DIR/CIR/GEN/001/001RE: Circular on the Revised Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS)
The Central Bank of Nigeria issued a reminder to banks and cheque printers about the transition to the new Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) 2.0, with a deadline of March 31, 2021. Despite this, some banks continue to use old cheques for in-house purposes. The Bank has directed that the use of old cheques for any transactions will no longer be acceptable after December 31, 2023, and penalties will be imposed for non-compliance.
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