The Central Bank of Nigeria has launched a revised penalty framework imposing fines up to ₦20 million to ensure banks and printers strictly adhere to national cheque security standards.
The Central Bank of Nigeria has introduced a revised sanction grid to safeguard the national clearing system. Under the new rules, banks engaging unaccredited printers face a ₦10 million fine and the withdrawal of cheques from circulation. The apex bank stated the review reflects “current realities” and its “commitment to increase the efficiency and safety of the Nigeria Clearing System.”
Printers also face stiff penalties, including ₦20 million for unauthorized subcontracting or using unapproved watermarked paper. Repeat offenders risk doubled fines and the total withdrawal of their accreditation. The bank clarified that these measures are “revised sanctions to erring banks and Accredited Cheque Printer / Cheque Personalizers for infringements,” aimed at restoring financial discipline and public confidence in cheque usage.
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