The Central Bank of Nigeria has introduced stricter penalties for banks and accredited cheque printers that breach the Nigeria Cheque Standard and the Cheque Printers Accreditation Scheme, with fines now reaching N10 million per violation.
In a circular dated February 10 and signed by Hamisu Abdullahi, Director of Banking Services, the regulator said the revised sanctions are designed to strengthen the safety and reliability of the country’s clearing system. The new framework replaces the 2019 guidelines and applies a graduated penalty structure based on the nature and frequency of offences.
Banks that fail to submit personalised cheques for mandatory testing risk an initial fine of N5 million. Institutions found using unapproved seals or engaging unaccredited operators could face penalties starting from N1 million, with higher fines for repeat breaches.
Cheque printers are also under tighter scrutiny. Producing cheques that fall short of required security standards may attract fines, while the use of unapproved security features could draw a N10 million penalty for each infraction.
The News Chronicle understands that persistent violations could result in suspension or withdrawal of its licence for up to three years, as well as possible criminal proceedings under banking regulations.
The apex bank directed all deposit money banks and accredited printers to comply immediately, underscoring its resolve to safeguard the integrity of Nigeria’s payment system and align local practices with global standards.
