The new penalties are outlined in the apex bank’s revised sanctions regime governing violations of the Nigeria Cheque Standard (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
Under the updated rules, banks found engaging unauthorized cheque printers — whether uncovered through accredited printer reports or CBN/MTIC audits — will face immediate withdrawal of their cheques from circulation alongside the N10 million fine. Repeat offenders will face a steeper N20 million penalty on top of the same cheque withdrawal consequence.
Other infractions carry their own consequences. Banks that fail or refuse to submit personalized cheque samples for testing and analysis where required will be fined N5 million, while any institution that improperly encodes cheques or falls short of mandatory security and quality standards will be penalized N10,000 per instrument.