The Central Bank of Nigeria (CBN) has taken a firm stance on the use of unaccredited cheque printers, warning banks that violations could attract fines of up to ₦10 million per offence and the withdrawal of affected cheques from circulation.
This move forms part of a broader effort to strengthen the security and integrity of Nigeria’s cheque clearing system under the Nigeria Cheque Standards (NCS) and the updated Nigeria Cheque Printers’ Accreditation Scheme (NICPAS 2.0).
According to the apex bank, the revised sanctions reflect current realities in the banking industry and aim to protect the payment system from fraud and operational lapses.
In a circular dated February 10, 2026, signed by Hamisu Abdullahi, Director of the CBN’s Banking Services Department, banks were warned that repeat offences could lead to higher fines, while serious breaches might result in suspension of accreditation for printers and personalisers.
The circular also stressed that introducing unapproved security features, failing to submit samples for quality checks, or neglecting mandatory standards could attract severe penalties.
Despite the growing adoption of digital payments, cheques remain a critical instrument in Nigeria’s financial ecosystem.
By enforcing these sanctions, the CBN aims to ensure that all cheques in circulation meet strict security and operational standards, reducing the risk of fraud, errors, or processing delays.
Banks are urged to strengthen internal controls and compliance systems, as failure to do so could carry financial and reputational consequences.
Industry observers believe the new rules will push banks to audit cheque production processes and reinforce oversight of accredited printers and personalisers.
Holding both banks and printers accountable is expected to safeguard public confidence in Nigeria’s payment infrastructure and support the smooth functioning of the cheque clearing system nationwide.
