Regulatory Alerts2012-06-15 | BPS/DIR/GEN/CIR/01/007Printing of Security Instruments
The Central Bank of Nigeria (CBN) has announced that all security instruments, including cheques and dividend/interest warrants, produced for the Nigerian market must meet the specified standard set by the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Document. The MICR Technical Implementation Committee has expressed concern over non-compliance of many dividend/interest warrants with this standard. Therefore, all accredited cheque printers will be held accountable for any instruments they produce that fail to meet the required standard and must ensure strict compliance moving forward.
CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187 Garki, Abuja 09-46238455 (Fax) 09-46238445 Tel BPS/DIR/GEN/CIR/01/007 24th May, 2012 ALL ACCREDITED CHEQUE PRINTERS PRINTING OF SECURITY INSTRUMENTS.
The Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers Accreditation Scheme (NICPAS) Document states that all security instruments (cheques, interest/dividend warrants etc.) produced for the Nigerian market, must meet the stipulated standard.
However, the MICR Technical Implementation Committee has noted with concern that most of the dividend/interest warrants produced for the Nigeria market, do not meet the specified standard.
Going forward, accredited cheque printers will be sanctioned for security instruments produced by them that fail to meet the required standard.
Kindly note and ensure strict compliance.
Dipo Fa Director, Banking and Payments System Department