By Bashir Olanrewaju
The current cheque design used in Nigeria’s banking system will finally be phased out by April when only its replacement will be in use.
The new design with improved security features was to become the sole recognized clearing-house instrument from January, according to Central Bank of Nigeria directive. The implementation has been delayed in cognizance of the toll of the coronavirus pandemic on the economy, the regulator said.
“This extension we believe will also allow our clients more time to use up their existing cheque leaves and get the new cheque design as directed by CBN,” Standard Chartered Bank said in an email advisory to customers on Wednesday. “Effective April 1, 2021 however the current format cheque leaves will no longer be accepted in the cheque clearing system.”
Customers were advised to take steps to obtain the approved cheque type before the new due date. Its characteristics include a magnetic ink reader and a date of expiry.