As part of commitments to increase the efficiency and security of the Nigerian Clearing System, the Central Bank of Nigeria (CBN) has reviewed the Nigerian Cheque Standards (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS).
The Apex Bank made this disclosure on Thursday in several twits on its official Twitter handle @cenbank.
The CBN explained that the new development will enable conformity with International standard that cash and near money instruments should be reviewed after 5-8 years.
It further stated that it will ensure that advantage of the latest innovation in cheque printing and security is taken.
According to the Apex Bank, “It will reduce the TAT (Turn Around Time) of cheque processing at the Banks by having minimal/no reject items that require manual intervention during scanning.
The central bank als, said that the innovation will prepare it for future development in the payment system; graduating from T+1 to T+0 for cheque clearing.
“To further secure the cheque by addressing some of the observed fraud since the inception of version 1.0” the CBN stated.
The Bank, however, noted that the review will be effective September 1, 2019, while adding that all new orders of cheque book must conform to the new standard.