The Central Bank of Nigeria has said banks that use unaccredited cheque printers will be required to pay a N10 million fine for each offence, the apex bank stated.

The directive is contained in the updated Circular on Cheque Printers Accreditation issued by the CBN. The policy aims to regulate the quality and security of cheque printing in Nigeria’s banking system.

The circular states that banks must obtain accreditation from the CBN before engaging any cheque printing firm to produce cheques for customers.

Under the new guidelines, any bank found using the services of an unaccredited printer will be liable to a fine of N10 million per offence, the CBN said.

The apex bank said the updated accreditation process includes criteria that printer firms must meet before being approved by the regulatory authority.

The CBN stated that the accreditation requirement is aimed at ensuring that cheques printed for banks meet quality and security standards. Accredited cheque printers must comply with specified technical and operational benchmarks set by the apex bank, the circular said.

The circular outlines that banks must verify the accreditation status of any printing firm before issuance of printing jobs to avoid penalties.