Banks to introduces new cheque books by December 31, 2020

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A few of Deposit Money Bank have started to notify their customers that they will phase current cheque books within two months and that it will no longer be honour by December 31, 2020.

They have also urged customers to request new cheque books.




According to one of the banks, Access has disclosed this to its customers through an email on Wednesday, entitled ‘Important updates on chequebooks and NEFT transfer.’


In the email, it told customers, “Please note the following important information regarding your cheque books and NEFT transfers.


“Cheque books; The Central Bank of Nigeria, in September 2019, introduced a new cheque book design across all banks.


“To this end, old cheque leaves will be phased out and no longer be honoured on presentation effective December 31, 2020.


“We encourage you to request for the new cheque book on or before October 31, 2020 through any of the following channels.”


It added that, “We would also like to remind you that all chequeswith the bank code “063” are no longer valid for clearing and will not be honoured on presentation for any payment.”


The CBN had earlier issued a circular entitled ‘Implementation of the Nigeria Cheque Standard and Nigeria Cheque Printers Accreditation Scheme version 2.0,’ to all DMBs, accredited cheque printers/ personalisers and the Nigeria Inter-Bank Settlement System dated June 10, 2019.

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