Sunday, May 22, 2022

New Cheques Will Become Fully Operational From April 1 – CBN Advises Nigerians

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The CBN has advised all Deposit Money Banks (DMBs) accredited Cheque Printers/Personalisers, and the Nigeria Interbank Settlement System (NIBSS), to enlighten their customers on the revised cheque book, introduced across all banks.

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Sam Okojere, Director, Banking Services Department, who gave the advice in a circular posted on the CBN website, said it had become imperative for the Apex bank to enlighten stakeholders about the circular, which had been interpreted differently from the intended purpose.

He explained that based on the CBN’s circular dated Dec. 9, 2020, referenced BKS/DIR/CIR/GEN/02/042 on the subject, the parallel run, in which old and new cheques are allowed to co-exist, will end on 31st March 2021, and thus only new cheques would be allowed in the clearing system from 1st April 2021.

“Full enforcement of the second edition of the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version 2.0 will commence April 1, 2021, and the NCS/NICPAS 2.0. The sanction grid will be fully operational on April 1, 2021.

COVID-19 Donations: Court Grants SERAP's Suit Against CBN For Non Disclosure“All deposit money banks are (therefore) directed to actively enlighten their customers and ensure necessary provisions are put in place for a smooth migration to the New standard.

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“The extension of full implementation date from Jan. 1 to April 1, 2021, is due to the outbreak of the Covid-19 pandemic and the impact it had on the Nigeria Cheque Standard (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) Version. 2,” the CBN stated.

Meanwhile, the Supreme Court has for the second time, refused the request by Alhaji Ali Abacha, a brother to the late Head of State, Sani Abacha, to unfreeze accounts traced to him and relatives of the late Abacha in the United Kingdom; Switzerland; Jersey; Liechtenstein; and Luxembourg.

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In a unanimous judgment on Friday, January 22, a five-man panel of the court, led by Justice Sylvester Ngwuta held that Ali Abacha’s case was statute-barred; as at when it commenced in April 2004, at the Federal High Court in Kaduna.

The judgment was in the appeal marked: SC/359/2010, filed by Alhaji Ali Abacha, said to be a brother of the late Gen Sani Abacha.

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In the lead judgment prepared by Justice Kudirat Kekere-Ekun, but read on Friday by Justice Ejembi Eko; the court held that having dismissed a similar appeal in an earlier judgment given in February last year; it had no reason to depart from its reasoning; in that case brought by Alhaji Abba Mohammed Sani on behalf of the Abacha family.CBN
Photo Credit: Getty

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