Figures cited by Daily Post show that the Central Bank of Nigeria has introduced a new penalty regime for banks and printers found guilty of cheque-related violations. Under the new guidelines, infractions can now attract fines of up to N20 million, a significant increase from previous sanctions.
Reporting by Daily Post indicates that the move is part of a broader effort to strengthen the integrity of the Nigerian payment system. The CBN is particularly concerned with the quality of cheque leaflets and the security features embedded in them, which are vital for preventing fraud and ensuring smooth interbank transactions.
The apex bank warned that it would not hesitate to blacklist printers who fail to meet the required standards. Banks are also required to conduct more rigorous due diligence on their cheque clearing processes to protect customers from the rising wave of sophisticated financial crimes.
Vanguard and ThisDay have verified the issuance of these new guidelines. Vanguard noted that “the policy aims to restore confidence in paper-based transactions,” while ThisDay quoted a banking executive stating, “these fines will force institutions to prioritize security over cost-cutting.”
Echotitbits take: While the world is moving toward digital payments, cheques remain a staple for corporate transactions in Nigeria. This crackdown is a necessary evil to ensure the “old school” payment method doesn’t become the weakest link in the financial chain. Expect banks to pass on some of these compliance costs to corporate clients.
Source: Channels TV – https://www.channelstv.com/2025/01/14/cbn-sanctions-banks-for-failing-to-dispense-cash-via-atms/, February 13, 2026
Photo credit: Channels TV
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