“No Longer Valid”: CBN Orders Fidelity, Access, Other Banks to Stop Important Cheque Booklets

• The Nigerian banking sector has issued an urgent warning to customers, stating that chequebooklets manufactured in 2019
• The CBN has set a five-year mark for these chequebooklets, after which they are no longer acceptable for transactions
• Customers were encouraged to request replacement chequebooklets as soon as possible in order to avoid delays in their banking transactions

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Customers have received an urgent advisory from the Nigerian banking industry informing them that chequebooklets produced in 2019 under the Nigerian Cheque Standard (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) are to expire.

These chequebooklets are no longer usable for transactions because they have passed the five-year mark as set by the Central Bank of Nigeria (CBN).

In a correspondence to its customers, Fidelity Bank highlighted the development, stating:

“We wish to inform you that the initial batch of cheques issued under the Nigerian Cheque Standard (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) in November 2019 have now expired and are no longer valid for payment. This follows the completion of the five-year validity period as stipulated by the Central Bank of Nigeria (CBN).”

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Customers were also instructed by the statement to confirm the eight-digit number on the MICR (Magnetic Ink Character Recognition) line of their checquebooklets in order to determine the expiration date, Nigerian Tribune reported.

To prevent delays in their financial transactions, customers were advised to request replacement chequebooklets as soon as possible.

This notification is a reminder of the September 2019 mandate from the regulator that all Nigerian banks were required to use a new check design. Older check designs were then phased away, and as of December 31, 2020, they were no longer honored.

Since the 2019 chequebooklets are no longer usable, the most recent development follows the same procedure.

Banks nationwide are now urging their clients to get replacements as soon as possible. The action is intended to guarantee smooth transactions and adherence to CBN regulations.

The expiration of these checks also emphasizes how crucial it is to update financial instruments on a regular basis to preserve security and comply with regulations.

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Customers who are impacted must visit their individual banks and submit a replacement request in order to receive a new checkbooklet. In order to minimize any disturbance, bank authorities guarantee that the changeover would be managed effectively.

The Nigerian banking industry is working to keep an effective and safe payment system, and this update is a part of that effort. In order to prevent transaction delays and preserve seamless financial operations, customers are advised to give this update top priority.

CBN releases amount Nigerians, government owe Nigerian banks

Legit.ng reported that the Central Bank of Nigeria has disclosed that consumer credit in Nigeria dropped to N3.5 trillion in October 2024.

This represented a 17.6% or N750 billion month-on-month (MoM) decline compared to the N4.25 trillion reported in September 2024.

Despite this monthly drop, consumer credit increased year-on-year (YoY) by 6.06%.

Source: Legit.ng