The Central Bank of Nigeria has announced stricter penalties for deposit money banks that engage unaccredited cheque printers, warning that violators could face fines of up to ₦10m and withdrawal of affected cheques from circulation.
In a circular dated February 10, 2026, addressed to banks and accredited cheque printers, the apex bank said the updated sanctions form part of efforts to improve the efficiency and security of the national clearing system. The directive, signed by the Director of the Banking Services Department, Hamisu Abdullahi, revises an earlier 2019 framework governing compliance with the Nigeria Cheque Standard and the Nigeria Cheque Printers’ Accreditation Scheme.
New Rules
Under the new rules, any bank found using an unapproved printer will be fined ₦10m and have the cheques withdrawn, while repeat violations will attract a ₦20m penalty alongside the same withdrawal sanction. Introducing unauthorized security features will also cost ₦10m per feature, with the penalty split between banks and their printing partners.
Accredited personalisers that fail to submit cheque samples for testing may pay ₦5m, while improper encoding or failure to meet required standards could result in fines starting from ₦10,000 per cheque. Printers that neglect order validation procedures risk warnings and a ₦1m penalty for repeat offences.
The CBN also set strict rules for subcontracting. Assigning more than half of a job to another provider without approved contingency arrangements could lead to a ₦20m fine and loss of accreditation for repeat breaches. Subcontracting to non-accredited firms attracts a six-month licence suspension and a ₦10m penalty.
Other infractions include failure to submit quality assurance reports, which carries a ₦5m fine, and failure to respond to regulatory queries, which can incur ₦1m daily after a grace period, with prolonged noncompliance leading to suspension.
The bank noted that the revised penalties will be enforced based on complaints or audit findings. The move follows a separate proposal released in November 2025 recommending tougher measures against individuals who repeatedly issue dud cheques, including a possible five-year banking restriction for each repeat offence.
The regulator said the strengthened rules are designed to boost trust, discipline, and reliability within Nigeria’s cheque processing system.
