CBN Announces N10m Fine for Nigerian Banks Using Unaccredited Cheque Printers
- The CBN has warned deposit money banks against using unaccredited cheque printers
- The apex bank said violations to its directive will attract N10 million fines and withdrawal of cheques
- The revised sanctions aim to strengthen Nigeria’s clearing system, improve cheque security
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The Central Bank of Nigeria (CBN) has warned deposit money banks that engaging unaccredited cheque printers or personalisers could attract fines of up to N10 million and the withdrawal of cheques from circulation.
The apex bank disclosed the revised sanctions in a circular dated February 10, 2026, published on its website on Thursday, titled “Revised Sanctions on Defaulters of the Nigeria Cheque Standard and Nigeria Cheque Printers’ Accreditation Scheme 2.0.”
Source: Getty Images
CBN new directive for cheque transaction
Addressed to “All Deposit Money Banks, Accredited Cheque Printers/Personalizers” and signed by Hamisu Abdullahi, Director of the Banking Services Department, the circular is aimed at strengthening the efficiency and safety of the Nigeria Clearing System.
The circular states that under the new framework, a commercial bank that uses an unaccredited printer faces withdrawal of cheques from circulation and a N10 million fine, while a repeat offence attracts a N20 million fine.
Similarly, introducing unapproved security features will incur a N10 million penalty per feature, shared equally between banks and accredited printers.
Other sanctions include:
- Failure by accredited personalisers to submit cheque samples for testing: N5 million fine.
- Non-compliance with mandatory security and quality standards: Minimum N10,000 per instrument.
- Subcontracting over 50% of jobs to non-approved printers: Suspension of license for six months and N10 million fine.
- Unapproved watermarked paper use: Withdrawal of cheques from circulation and N20 million fine, with repeated offences leading to withdrawal of accreditation.
Source: Getty Images
The CBN said sanctions would be applied based on audits or complaints and emphasised that the measures complement earlier proposals to penalise repeat issuers of dud cheques, including a five-year ban for recurring offences, Punch reports.
The central bank said the revised rules are part of efforts to restore confidence in the use of cheques, which it noted remain vulnerable to abuse despite legal restrictions.
CBN stops instant alert on Cheque
Also, the Central Bank of Nigeria has suspended instant alerts for cheques received from other banks until those cheques are fully processed and cleared.
The move seeks to eliminate confusion around pending cheque payments and reduce losses from dishonoured cheques.
The directive means customers will now receive alerts only after the cheque has cleared and funds are credited, or if the cheque is dishonoured and returned.
Previously, many customers received immediate alerts after depositing a cheque, giving the false impression that funds had been received.
List of 10 common bank charges
Earlier, Legit.ng reported that the House of Representatives has initiated plans to investigate charges of commercial banks on customers' accounts and plans to summon the CBN and major commercial banks to appear before the committee on banking regulations.
Offiono had listed some of the questionable deductions, including excessive SMS alert fees, card maintenance charges, account maintenance fees, and interbank transfer costs.
Following deliberations on Tuesday, the House urged the CBN to immediately publish a simplified list of all approved bank charges to promote transparency and consumer awareness.
Source: Legit.ng
