The Central Bank of Nigeria (CBN) has announced a N10 million fine and cheque withdrawal for any commercial bank caught using unaccredited cheque printers or personalisers, as part of a sweeping overhaul of its sanctions framework.
The new penalties are outlined in the apex bank’s revised sanctions regime governing violations of the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
Under the updated rules, banks found engaging unauthorized cheque printers — whether uncovered through accredited printer reports or CBN/MTIC audits — will face immediate withdrawal of their cheques from circulation alongside the N10 million fine. Repeat offenders will face a steeper N20 million penalty on top of the same cheque withdrawal consequence.
Other infractions carry their own consequences. Banks that fail or refuse to submit personalized cheque samples for testing and analysis where required will be fined N5 million, while any institution that improperly encodes cheques or falls short of mandatory security and quality standards will be penalized N10,000 per instrument.
The circular, signed by Hamisu Abdullahi, Director of the Banking Services Department, noted that the CBN last issued sanctions guidelines on cheque standards and printer accreditation in 2019. The bank said the review had become necessary to bring the framework in line with current realities in the banking industry.
“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 aforementioned Sanction Grid,” the CBN stated, adding that the revised penalties apply to both erring banks and accredited cheque printers or personalisers found to be in breach of NCS/NICPAS 2.0 standards.
READ ALSO:
- Officer Woos Denies Drug Trafficking Allegations, Threatens Legal Action
- Twin Brothers Marry Twin Sisters with Matching Names in Rare Double Wedding
- Ekiti 2026: Oyebanji Wins Landslide at Bamidele’s Polling Unit
- Ekiti 2026 Poll: Candidates, Parties Battle for Governorship Seat
- Gunmen Burn Ekiti Police Station, Injure Two Officers
