The Nigerian banking sector has issued an important advisory to customers, notifying them of the expiry of cheque booklets issued under the Nigerian Cheque Standard (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) in 2019. These cheque booklets, which have now reached the end of their five-year validity period as stipulated by the Central Bank of Nigeria (CBN), are no longer valid for transactions. Nigerian travel packages

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Standard (NCS) and the Nigerian Cheque Printers Accreditation Scheme (NICPAS) in November 2019 have now expired and are no longer valid for payment.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).”

The statement further advised customers to check the expiry date of their cheque booklets by verifying the 8-digit number in the MICR (Magnetic Ink Character Recognition) line of their cheque leaves.

Customers were urged to request new cheque booklets promptly to avoid disruptions to their financial transactions.

This announcement serves as a reminder of the regulator’s directive in September 2019, which introduced a new cheque design across all Nigerian banks. At that time, older cheque designs were phased out and ceased to be honoured as of December 31, 2020. The latest development follows the same process, as the 2019 cheque booklets are no longer valid for use.

Banks across the country are now encouraging customers to act swiftly in obtaining replacements. The move aims to ensure seamless transactions and compliance with CBN guidelines. The expiration of these cheques also underscores the importance of periodic updates to financial instruments, which are necessary to maintain security and alignment with regulatory standards.

For affected customers, the process of obtaining a new chequebooklet involves visiting their respective banks and initiating a replacement request. Bank officials assure that the transition will be handled efficiently to minimize any inconvenience.

This update is part of the broader efforts by the Nigerian banking sector to maintain an efficient and secure payment system. Customers are urged to prioritize this update to avoid transaction delays and maintain smooth financial operations. (Nigerian Tribune)