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Ecobank to implement CBN’s circular on new cheque design from Jan 1, 2021

Further to the revised Central Bank of Nigeria (CBN) circular on implementing the requirements of the Nigerian Cheque Standards (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) dated 28th February, 2019, Ecobank Nigeria reminded its customers’ of the regulatory directive requiring that new and old cheque books run concurrently until 31st December, 2020.

In a statement to customers weekend, Ecobank averred that “Effective 1st January 2021, the old standard cheque books will no longer be accepted through the cheque clearing system, while same will only be acceptable for in-branch transaction processing. It is also important to note that new cheque book will now have an expiry date effective five (5) years from the date of printing – this supersedes the date written on the cheque when issued by the customer, while expired cheques shall not be processed via clearing.”

Continuing, the bank added that “We advise that you kindly request the new cheque book, if required, before the cut-off date of 31st December 2020 so you can continue to seamlessly carry out your transactions.”

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