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Business News

CBN orders DMBs to implement new cheque standard starting September 1st

Nigeria’s apex bank, the Central Bank of Nigeria (@cenbank), has issued an order to all Deposit Money Banks (DMBs) in the country to start implementing the new cheque standard from September 1st, 2019.

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The CBN Building, Abuja - capital inflows

Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has issued an order to all Deposit Money Banks (DMBs) in the country to start implementing the new cheque standard from September 1st, 2019.

This CBN said in a circular that this order is in furtherance to the apex bank’s efforts to ensure a seamless transition to the new Cheque Standard. It also stated that it has become necessary to send reminders to all the banks, noting that after the 31st August, all the commercial banks in the country will be required to adhere to this new order.

The Central Bank further stressed that in line with this new cheque standard, all parallel run for old and new cheques must conform with the standard. The new introduction is aimed at increasing the efficiency and security of the Nigerian Clearing System.

CBN order DMBs to set deadline for cheque

A cheque sample

The circular further revealed that the policy is in line with stipulations of the reviewed Nigeria Cheque Standard (NCS), the Nigeria Cheque Printers Accreditation Scheme (NICPAS) documents, and the exercise of powers conferred on the institution under Section 2(d). 33(1)(b) and 47(2) of the 2007 CBN Act.

[ALSO READ: CBN clamping down on Naira abusers]

Meanwhile, Nairametrics had earlier reported about the revision of the NCS and NCPAS, in which the apex bank said that by early August 2020, only cheques that conform to the new standard shall be allowed in the automated cheque clearing system.

CBN orders DMBs to set deadline for cheques

A Nigerian signing a cheque..

Call to Action: The CBN, therefore, urged the Deposit Money Banks to ensure that their cheque processing systems are ready and available for the full implementation of the new cheque standard starting from the stipulated date.

The NCS and NICPAS were introduced by the Central bank in 2006 to increase the efficiency and safety in the Nigerian cheque clearing system, which the bank noted that the new and old standard shall run concurrently for one and half years, after which the old standard would be phased out.

[READ THIS: Ugodre explains all you need to know about the CBN’s rate cut]

Charles Abuede is a graduate of Economics and Statistics from the University of Benin. He has worked as a business correspondent at Voidant Wireless Service (Pryde TV) and Entrepreneurs.ng. He is currently a Research Analyst at Nairametrics. You can reach him on [email protected] or @CharlesAbuede on LinkedIn and @AbuedeCharles on twitter.

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

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This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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