2018-11-08 | BKS/DSO/GEN/MPF/01/003

Circular on the Revised Nigerian Cheques Standards (NCS) and NICPAS Sort Code and MICR Reject Flag

The Central Bank of Nigeria has issued a circular to all deposit money banks and the Nigeria Inter-Bank Settlement System regarding the implementation of the revised Nigerian Cheque Standard and Nigerian Cheque Printers Accreditation Scheme. The bank directs that the Sort Code on cheque instruments must align with the unique State Codes corresponding to the geographic location of the bank branches. Additionally, banks are mandated to activate the MICR reject/repair flag on their clearing system for accurate cheque statistics and industry decision-making.

Nigeria

Central Bank of Nigeria

Show thumbnail