Old cheque books will be phased out by December 31, 2020, as Nigerian banks are set to implement the Central Bank of Nigeria (CBN) policy. The Deposit Money Banks are urging customers to apply and obtain new cheque books as the deadline approaches.
Last year, June 10, 2019, the CBN had directed banks to ensure that any cheque requested for by customers carries the new cheque standard. This directive was contained in a circular stating the process of implementation of the new cheque.
“In furtherance to the bank’s effort to ensure a seamless transition to the new cheque standard, it has become necessary to remind all Deposit Money Banks that cheques ordered after 31st August 2019 must conform to the new cheque standard and that the parallel run for old and new cheques shall commence on September 1, 2019.
“The above is in line with the stipulations of the reviewed Nigeria Cheque Standards and Nigeria Cheque Printers Association Scheme document, revised to increase the efficiency and security of the Nigerian Clearing System.
“In order to avoid ambiguities, please note the above timeless, and ensure that your bank’s cheque processing system are ready for the full adoption of the new cheque standard by September 1, 2020.” CBN said in the circular.
Now banks are working towards phasing out the old cheques in line with CBN's requirement. In an email sent to customers, Access Bank said old cheques will no longer be honoured when tendered at the bank.
Access Bank said customers should request for new cheque book on or before October 30, 2020, “Please note the following important information regarding your cheque books and NEFT transfers.
“Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks. To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.
“We encourage you to request the new cheque book on or before October 31, 2020 through any of the following channels.” Access Bank said. The lender also warned that, “We would also like to remind you that all cheques with the bank code “063” are no longer valid for clearing and will not be honoured on presentation for payment.”