By Dayo Omoogun
The Central Bank of Nigeria says it has noticed that some stakeholders have been interpreting its earlier directive on the Revised Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme (NICPAS), differently from intended purpose.
The bank has therefore come up with clarifications via a circular it issued on Friday. The circular was signed by the bank’s Director in charge of Banking Services Department, Mr. Sam. C.Okojere.
It says the current situation, known as the ‘parallel run’ in which the old and new cheques are allowed to coexist will end on 31st March, 2021 paving the way for the utilisation of only the new cheques in the clearing system from April 1,2021.
Also, full implementation of the new standard and accreditation scheme is now shifted to April 1,2021. The sanctions grid also comes into operation on the same date.
The CBN stated that the extension of the date of full implementation is due to the COVID-19 pandemic and its impact.
The Central Bank has therefore charged Deposit Money Banks (DMBs) in the country to actively enlighten their customers while making necessary provisions for the effective and smooth takeoff of the new standard.