CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers - Business

CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers - Business - Nairaland

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CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by alphonsoolajide(op): 7:53am On Feb 13

The Central Bank of Nigeria (CBN) has introduced stiffer penalties for commercial banks that engage unaccredited cheque printers, imposing fines of up to ₦10 million and mandating the withdrawal of affected cheques from circulation.

The new sanctions are contained in a revised framework addressing violations of the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NIPAS 2.0). Eyes Of Lagos reports,

Under the updated rules, any bank found to have patronised an unapproved commercial cheque printer or personaliser will face significant penalties.

According to the apex bank, a first offence will attract the withdrawal of the affected cheques from circulation and a ₦10 million fine, while a repeat offence will result in a ₦20 million fine in addition to the withdrawal of the cheques.

The CBN further stated that banks which fail or refuse to submit personalised cheque samples for testing and analysis, where required, will be fined ₦5 million.

In addition, failure to properly encode cheques or comply with mandatory security and quality standards will attract a penalty of ₦10,000 per cheque instrument.

The revised sanctions were announced in a circular signed by the Director of the Banking Services Department, Mr Hamisu Abdullahi. The CBN recalled that it had earlier issued guidelines on penalties for breaches of the Nigerian Cheque Standards and the Cheque Printers’ Accreditation Scheme in 2019.

Explaining the reason for the review, the regulator said the move was part of its ongoing efforts to enhance efficiency and security within the Nigerian clearing system.

“In furtherance of the bank’s commitment to increase the efficiency and safety of the Nigeria Clearing System, it has become imperative to review the sanction grid to reflect current realities in the banking industry,” the CBN stated.

The apex bank added that the updated framework is designed to strengthen compliance, improve cheque security features, and safeguard the integrity of the nation’s payment and clearing system.

https://eyesoflagos.com/2026/02/13/cbn-fines-banks-unaccredited-cheque-printers/

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by Pootle: 10:06am On Feb 13

very good this will limit counterfeiting

Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by vb0mb(m): 10:10am On Feb 13

Cheques are always confirmed before transactions can be consummated.

The drawer will always be called.

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by RandomFellow: 10:15am On Feb 13

The mere thought of patronizing "unauthorized" cheque printers shouldn't ever cross their minds! Don't they have a sense of crisis? No feeling of possible betrayal? What if the printer prints extra copies of someone's cheque book, and uses it to "pay" for a service?

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by fullnetwork: 10:16am On Feb 13

Pootle:
very good this will limit counterfeiting

I doubt it...
The process of becoming an accredited chq producer (printer) means "roger" must be happen.
Everything in this country is about the government machineries feasting on anyone and anything as they please.

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by DeLaRue: 10:31am On Feb 13

I didn't know cheques are still in use.

I haven't used or been given a cheque in more than 5 years.

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by system21: 10:41am On Feb 13

DeLaRue:
I didn't know cheques are still in use.

I haven't used or been given a cheque in more than 5 years.

Because you are not into business

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Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by Hhh4444: 11:07am On Feb 13

DeLaRue:
I didn't know cheques are still in use.

I haven't used or been given a cheque in more than 5 years.

cheques are still very much in use. I don't see it going away anytime soon.

Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by pigmania: 12:24pm On Feb 13

Lol, they always think about ways to generate more money, especially from within the country, that's local.

Re: CBN To Fine Banks ₦10 Million For Using Unaccredited Cheque Printers by InvestSmart(f): 1:39pm On Feb 16

Hmmmmmm

🤔 In this same country where crimes thrive huh

vb0mb:
Cheques are always confirmed before transactions can be consummated.

The drawer will always be called.

1 Reply

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