Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,936,146 members, 7,104,631 topics. Date: Thursday, 06 October 2022 at 06:35 AM

Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 (20473 Views)

Other Land Borders Will Be Reopened On Or Before December 31 - FG / FEC Directs Minimum Wage Payment On Or Before December 31 / Paddy Adenuga: 'I Cannot Date A Lady That Wears Wig, I Have Standards' (2) (3) (4)

(1) (2) (Reply) (Go Down)

Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by sunnybobonwa: 7:52am On Dec 21, 2020
Nigerian banks migrate to new cheque standards, old ones expire 31 Dec.

The new cheques with new standards effective 1 January 2021

Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria.

From 1 January 2021, the old cheques will expire, said the First Bank in a notification to customers.

It means the bank will no longer accept them for payments.

The new cheques come with unique features.

They have expiry dates and also have cheque digit included on the MICR code line.

The CBN has been working in moving to the new standard since 2018.

According to a 9 December circular sent to all deposit money banks, accredited cheque printers and Nigeria Interbank Settlement System [NIBSS], only new cheques will be allowed in the clearing system from I January.

The circular was signed Sam C. Okojere, director Banking Services Department.


The circular, however, gave some banks, who are unable to meet the 31 December three months of grace, to comply.

This will be done, if reasons for non-compliance were found to be satisfactory by the CBN management.

But the CBN said it will embark on a full enforcement of the new cheque standard by 1 April, 2021.

https://www.google.com/amp/s/www.pmnewsnigeria.com/2020/12/21/nigerian-banks-migrate-to-new-cheque-standards-old-ones-expire-31-dec/amp/

5 Likes 1 Share

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by IronMan077(m): 8:02am On Dec 21, 2020
We are moving forward.

4 Likes 1 Share

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Amotolongbo(f): 8:11am On Dec 21, 2020
IronMan077:
We are moving forward.
and never gonna take 2 steps backward after a step forward

7 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by ATEAMS: 8:23am On Dec 21, 2020
aim to make good decisions, but don’t get caught up in calculating what the best decision to make is in every situation, especially when it doesn’t make much difference

Good morning y'all ❤️

2 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Obagreatdatoye(m): 8:23am On Dec 21, 2020
Grear...hope they wont use this to exploit customers ..do you need a banner, logo or flyer...check my signature for my details now and contact me
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by MANNABBQGRILLS: 8:23am On Dec 21, 2020
Nigerian banks are migrating in the New Year, into brand new cheque standards, on the order of the Central Bank of Nigeria.

From 1 January 2021, the old cheques will expire, said the First Bank in a notification to customers.

It means the bank will no longer accept them for payments.

The new cheques come with unique features.

They have expiry dates and also have cheque digit included on the MICR code line.

Change : The only constant thing in life.
Slow and steady, we will get to the Nigeria that we want.
God bless Nigeria.

2 Likes 2 Shares

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by abragr8: 8:23am On Dec 21, 2020
Good
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Starships4u(m): 8:25am On Dec 21, 2020
Wahala for who em cheque book never finish....

1 Like

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by DropsMic(m): 8:25am On Dec 21, 2020
Hmmm
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Ijaya123: 8:25am On Dec 21, 2020
I don’t see what difference it makes. Unless there’s something they are not telling us.

6 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by gergemam: 8:25am On Dec 21, 2020
Ha
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by robosky02(m): 8:26am On Dec 21, 2020
An giving out all my old check

Come withdrew
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by SpatialKing(m): 8:26am On Dec 21, 2020
Noted
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Emaytex(m): 8:26am On Dec 21, 2020
Will that change my bank acct or better still increase my bank acct

1 Like 1 Share

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by GMBuhari: 8:27am On Dec 21, 2020
he no concern me

my 737 has me covered

3 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Atheistan: 8:27am On Dec 21, 2020
Great development
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by MyGeneration(m): 8:27am On Dec 21, 2020
I hope demanding for this new cheques is free
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by CryptoClub2018: 8:27am On Dec 21, 2020
I need help please. I am tired of life

1 Like 1 Share

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Triangles1(m): 8:27am On Dec 21, 2020
If na do us finish make na tell us oh.

I wish this will add to the progress of banking, analog improvement.
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by PrimeWatermark: 8:28am On Dec 21, 2020
So how much are they deducting from our accounts for the new Cheque book?
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by efighter: 8:28am On Dec 21, 2020
IronMan077:
We are moving forward.

With just additional features in Cheques? We deserve better than this jooorrrr

1 Like

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Taylordedon(m): 8:28am On Dec 21, 2020
Useless nation
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by berrystunn(m): 8:28am On Dec 21, 2020
Buhari is working

2 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by careytommy37(m): 8:29am On Dec 21, 2020
The CBN said the deadline is 31 Dec 2020 and in the same breath says those unable to meet the deadline will be given grace of 3 months till 31 Mar 2021.
Confused CBN

4 Likes

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Prodigee: 8:29am On Dec 21, 2020
All these archaic banks
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Taylordedon(m): 8:30am On Dec 21, 2020
MyGeneration:
I hope demanding for this new cheques is free

Free indeed, u must pay o
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by cana882(m): 8:31am On Dec 21, 2020
Got a mail from Firstbank regarding this despite not banking with them

1 Like

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by AmazingELixir: 8:31am On Dec 21, 2020
grin

I hate cheque transactions because my signature is always inconsistent...Atm and bank mobile App issa bae for muah

1 Like 1 Share

Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by motionarena: 8:32am On Dec 21, 2020
Go and resurrect the dead naira and stop talking thrash
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by yomalex(m): 8:35am On Dec 21, 2020
Hmm
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by Godpikin4real(f): 8:36am On Dec 21, 2020
The old cheque shall fade away on Dec 31st 2020. In 2021, all cheques shall become new.
Re: Nigerian Banks Migrate To New Cheque Standards, Old Ones Expire December 31 by MisterFelix(m): 8:40am On Dec 21, 2020
To think that I haven't even used a single cheque of my old book of over 50 leaves. So now I'm to discard it just like that?
Anyway, get your business featured on Forbes and other Medias or in just a few clicks, promote your business via pShoutor.com, Nigerian's N01 digital marketing hub - using content, review, email, affiliate and even influencer marketing.

2 Likes

(1) (2) (Reply)

Dangote Education For Employment Centre In Abia (Photo) / Traders Weep Over Demolition Of Festac Town Market / Oil Price Rises Above $40 Per Barrel, OPEC mend Fences.

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 56
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.