CBN to fine banks N10m for using unaccredited cheque printers

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has said it will impose fines of up to N10 million on commercial banks that engage unaccredited cheque printers, as part of fresh measures to tighten compliance and safeguard the nation’s cheque clearing system.

The apex bank announced revised sanctions for Deposit Money Banks (DMBs) and accredited cheque printers that violate the Nigeria Cheque Standards (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS 2.0).

The new sanctions were contained in a circular dated February 10, 2026, and signed by the Director, Banking Services Department, Hamisu Abdullahi.

According to the CBN, the review became necessary to reflect “current realities in the banking industry” and to strengthen the efficiency, integrity and security of Nigeria’s clearing system.

“In furtherance of the Bank’s commitment to increase the efficiency and safety of the Nigeria Clearing System, it has become imperative to review the aforementioned Sanction Grid,” the apex bank stated.

Under the revised framework, banks and cheque printers face stiff penalties for a range of infractions, including failure to submit cheque samples for approval, non-compliance with mandatory security features, improper engagement of accredited cheque printers, and the introduction of unauthorised security features.

A major highlight of the updated grid is the imposition of sanctions for the use of unapproved security features. Offenders may be fined up to N10 million per infraction, while repeat violations could attract penalties of up to N20 million, suspension of accreditation, or withdrawal of non-compliant cheques from circulation.

The CBN also warned that failure to provide adequate notice before planned operational changes or service suspensions could attract sanctions, including possible suspension of accreditation.

The latest review builds on a 2019 circular that established the framework for the Nigeria Cheque Standards and the Nigeria Cheque Printers’ Accreditation Scheme as part of efforts to modernise and secure cheque processing nationwide.

At the time, the apex bank directed all Deposit Money Banks to implement the revised cheque standards from September 1, 2019, and mandated compliance during the transition period for both old and new cheque formats.The regulatory framework is anchored on Sections 2(d), 33(1)(b) and 47(2) of the CBN Act 2007.

The CBN stressed that the updated sanctions are designed to serve as a deterrent and ensure full compliance with cheque printing and processing standards, thereby preserving confidence in the country’s financial system.