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Old cheques fizzle out as banks message customers to obtain revised leaflets

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Some Nigerian Banks have notified customers that effective today, Thursday, April 1,  the old cheque leaflets will no longer be acceptable for clearing.

The financial institutions also asked the customers to get the new revised cheque standard leaflets introduced by the Central Bank of Nigeria.

Fidelity Bank in a mail to its customers said: “Following the directive of the Central Bank of Nigeria for banks to implement the revised cheque standard with additional security features, kindly contact your relationship manager or visit our nearest branch for a new cheque book if you are yet to obtain one.

“The new cheque leaflet has the following additional features: Expiry date, two-digit security code, QR code and standard dating format.”

On its part, Ecobank said: “We wish to remind you that effective 1st April 2021, the old cheque books will no longer be acceptable through the cheque clearing system, while same will only be acceptable for in-branch transaction processing only.

“This is further to the revised Central Bank of Nigeria’s circular on implementing the requirements of the Nigerian Cheque Standards and the Nigerian Cheque Printers Accreditation Scheme dated 28th February 2019.

“While we advise you to kindly request for the new cheque book (if you are yet to do so) before the cutoff date of 31st March 2021, we encourage you to use our other digital channels so you can continue to seamless carry out your transactions.”

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Recall that the Central Bank of Nigeria (CBN) had previously extended the phase-out date for old cheque books from January 1 to March 31. According to the banking regulator, this became imperative due to the effect of the COVID-19 pandemic.

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The CBN said: “The parallel run, in which old and new cheques are allowed to co-exist, will end on March 31. Only new cheques will be allowed in the clearing system from April 1, 2021.

“Full enforcement of the second edition of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0 will commence 1st April 2021 and the NCS/NICPAS 2.0. Sanction grid will be fully operational on 1st April, 2021.”

 

 

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