By Elizabeth Adegbesan
The Central Bank of Nigeria, CBN, has slammed a N10 million fine and withdrawal of cheques on commercial banks using unaccredited cheque printers/personaliser.
The apex bank disclosed this in its revised sanctions regime on defaulters of the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).
Among other things, CBN said: “Offence of engagement of unaccredited commercial cheque printer/personaliser by  commercial banks as reported by accredited cheque personalisers/printers or via CBN/MTIC audit will attract withdrawal of cheques from circulation and N10 million fine; withdrawal of cheques from circulation and N20 million fine for a repeat offence.
“Failure/ refusal to submit personalized cheque samples for testing and analysis (where applicable) will attract a N5 million fine.
“Failure to encode cheques properly or meet the mandatory security and quality standards will attract a fine of N10,000 per instrument.”
In a cir
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