The Central Bank of Nigeria (CBN) has issued a directive to banks, including Fidelity and Access Bank, to stop using cheque booklets manufactured in 2019. This move is part of the CBN’s efforts to ensure the security and efficiency of financial transactions in the country.
According to the CBN, cheque booklets produced in 2019 under the Nigerian Cheque Standard (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) have reached their five-year validity period and are no longer acceptable for transactions. Customers are advised to request replacement cheque booklets as soon as possible to avoid delays in their banking transactions.
Fidelity Bank, in a correspondence to its customers, highlighted the development and instructed customers to confirm the eight-digit number on the MICR (Magnetic Ink Character Recognition) line of their cheque booklets to determine the expiration date. This notification serves as a reminder of the September 2019 mandate from the regulator that all Nigerian banks were required to use a new cheque design. Older cheque designs were phased out and were no longer honored as of December 31, 20201.
The expiration of these cheque booklets emphasizes the importance of regularly updating financial instruments to maintain security and comply with regulations. Banks nationwide are urging their clients to get replacements as soon as possible to ensure smooth transactions and adherence to CBN regulations