CBN Imposes N10m Fine on Banks for Unaccredited Cheques

The Central Bank of Nigeria (CBN) has issued a circular announcing a N10 million fine for deposit money banks that engage unaccredited cheque printers, effective February 10, 2026. The circular, signed by Hamisu Abdullahi, Director of the Bank Services Department, aims to strengthen the efficiency and safety of the cheque clearing system.

Banks using unaccredited printers will face withdrawal of cheque circulation, with repeat offenses attracting a N20 million fine. Additionally, introducing unapproved security features will incur a N10 million penalty per feature.

The CBN emphasizes that these measures complement earlier proposals regarding dud cheques, which included a five-year ban for repeat offenses. The central bank aims to restore confidence in cheque usage, which remains vulnerable to abuse despite legal restrictions.

Furthermore, the CBN has suspended the receipt of cheques until they are fully processed to eliminate confusion around pending cheque payments and reduce losses from dishonored cheques.