CBN Tightens Cheque Rules, Threatens ₦10m Fine for Unauthorized Security Features

The Central Bank of Nigeria has strengthened its oversight of cheque production and processing, introducing penalties of up to ₦10 million for banks and printing firms that incorporate security elements not cleared by regulators.

The measure forms part of revisions to the sanction framework guiding the Nigeria Cheque Standards and the Nigeria Cheque Printers’ Accreditation Scheme.

In a regulatory notice issued by the Banking Services Department, the apex bank said the update reflects evolving industry realities and aims to reinforce the safety and efficiency of the clearing system.

Infractions captured under the revised framework include failure to submit cheque templates for approval, breach of mandatory security requirements, use of non-accredited printers, and the deployment of unauthorized protective features.

Repeat violations may attract steeper fines, suspension of printer certification, or withdrawal of affected cheque books from circulation.

The central bank stressed that uniform compliance is essential to protecting transaction integrity and sustaining trust in the country’s payment infrastructure. The review builds on earlier reforms introduced to modernise cheque processing and reduce fraud risks across the banking system.