In a mail to its customers titled, ‘New Features on Cheque Books’, First Bank of Nigeria Limited has disclosed that with effect from January 1, 2020, banks will introduce a new digit on the Magnetic Ink Character Recognition code line and expiry dates to new cheque books.
According to the mail, all cheque books will from then have expiry dates and a cheque digit would be introduced on the MICR code line. The bank therefore urged the customers to pick up their new cheque books at all open First Bank branches nationwide.
The Central Bank of Nigeria (CBN) recently stated that in its report that it was ensuring an enabling environment for efficient cheque processing and other paper-based payments instruments, through completed application of new and already adopted technologies.
“The cheque truncation system shall continue to be used for the exchange of images of instrument and Magnetic Ink Character Recognition,” it adeed.
“The cheque truncation system shall continue to be used for the exchange of images of the instruments and Magnetic Ink Character Recognition,” it added.
The CBN also stated that the cheque clearing cycle remains T+1 and maximum cap on cheque at N10.0m.
While promising that it will continue to take necessary steps to achieve a clearing cycle of T+0, the CBN said it had approved the revised Nigeria Cheque Standards and Nigeria Cheque Printers Accreditation Scheme, to improve the safety and efficiency of the clearing system.
It further stated that notable changes in the revised standard include introduction of Quick Response Code for faster verification of cheque details, expiry date of printed cheque booklet and clear zone at the back of the cheque.“Notable changes in the revised standards include introduction of Quick Response Code for faster verification of cheque details, expiry date of printed cheque booklet and clear zone at the back of the cheque.
