The Central Bank of Nigeria (CBN) has introduced revised sanctions for banks and accredited cheque printers that breach the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS) 2.0, in a move to reinforce discipline in the country’s cheque clearing system.
In a circular dated February 10, 2026, addressed to Deposit Money Banks as well as accredited cheque printers and personalisers and posted on its website, the apex bank said the updated framework replaces the sanctions regime issued in 2019. The review, it noted, reflects current operational realities and is aimed at strengthening compliance and safeguarding payment system integrity.
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Signed by the Director of the Banking Services Department, Hamisu Abdullahi, the directive outlines penalties for infractions such as failure to submit personalised cheque samples for testing, engagement of unaccredited printers, and non-compliance with prescribed security and quality standards.
Under the revised measures, accredited personalisers that fail or refuse to submit cheque samples risk fines of up to ₦5 million. Banks that engage unaccredited printers face withdrawal of affected cheques from circulation and penalties that may rise to ₦20 million for repeated violations.
Cheque printers and personalisers that improperly encode instruments or fail to meet security specifications will incur penalties starting from ₦10,000 per cheque, while failure to validate print orders attracts warnings and fines escalating to ₦1 million for repeat offences.
Additional sanctions cover unauthorised introduction of security features, non-submission of quality assurance reports, excessive subcontracting of printing jobs, and production of cheques that fall short of regulatory standards. These attract financial penalties running into tens of millions of naira, mandatory reprinting at the offender’s cost, and potential withdrawal of accreditation.
The CBN directed all affected institutions to ensure strict compliance, noting that enforcement will rely on supervisory audits, complaints, and monitoring reports within its regulatory oversight framework.
