CBN Imposes N10m Fine for Unapproved Cheque Features

The Central Bank of Nigeria (CBN) has issued a notice stating that banks and cheque printers found guilty of using unapproved security features on cheques will face a fine of N10 million. This announcement, signed by Hamisu Abdullahi, Director of the Bank Services Department, was made on February 10, 2026.

The move is part of an effort to enhance the efficiency and security of Nigeria's cheque clearing system. The CBN emphasized the need for strict adherence to established standards to safeguard financial transactions and strengthen the clearing process.

The revised sanction framework includes penalties ranging from N20 million for repeat offenses to the suspension of accreditation for non-compliant cheque circulations. This update follows a review of the 2019 circular that established the Nigeria Cheque Standard and the Nigeria Cheque Printer Accreditation Scheme.

The CBN also warned that failure to provide adequate notice of operational changes could lead to penalties, including possible suspension of bank accreditation, reinforcing the importance of compliance with cheque printing standards.