The Central Bank of Nigeria (CBN) has set a new standard for printing of Cheques and Nigerian Cheque Printers Accreditation Scheme (NICPAS) in the country.
The apex bank introduced the Nigerian Cheque Standard (NCS) and NICAPAS in 2006 to increase efficiency and safety in the Nigerian Clearing system.
In a circular to all Deposit Money Banks, Accredated Cheque Printer/ personalizers and the Nigerisn Interbank settlenent System (NIBSS), signed by Director, Banking Supervision, Dipo Fatokun said the old standard have been in operation for more than a decade, the NCS and NICAPAS has now been revised to accommodate current realities.
Consequently, the circular said the management of the bank had approved the revised NCS and NICAPAS for implementation.
According to the CBN, the implementation starts on the date of the revised NCS and NICAPAS shall be February 1, 2019, adding that the new and the old standard shall run concurrently for one and half years from the implementation date, after which the old standard would be phased out.
The CBN said that all cheque ordered after August 1, 2019 must conform to the new standard.
The apex bank also said that by August 1, 2020 only cheque that conform to this standard shall be allowed in the automated cheque clearing system.
The CBN circular, however, said that personalizes that wish to personalize cheque in line with the new standard must seek for and be accredited by the CBN.
The CBN stated that a procedure for appeal is contained in the new standard, adding that in the event that the printer/personalized feels that the decision of MTIC panel to reject an application, deny accreditation or withdraw/terminate accreditation is not justified, an appeal may lodged.
It further said that membership of the scheme has been enlarged and is now opened to entities, Deposit Money Banks, Accredited Cheque Printers/ Personalisers ( mandatory) while advisors is optional.
The apex bank stated that the revised standard would be made available under confidential cover to the DMBs and other identified stakeholders.
In another development, the apex bank said the CBN acknowledge the public interest over sanctione imposed on four deposit money banks.
The CBN in statement signed by Director, Corporate Cmmunications Department, Mr Isaac Okorafor, restated that it will continue to welcome foreign investments and investors.
“Indeed, some of our recent innovations and reforms of the Foreign Exchange regime such as the introduction of the NAFEX window, are designed to simplify foreign exchange regulations,” he added.
He explained that the delegation of the issuance of Certificates of Capital Importation (CCIs) to commercial and merchant banks some years ago was done to instill confidence in the investor community and encourage the flow of foreign direct and portfolio investments into the Nigerian economy.
Explaining further, the statement said “the recent sanctions on the banks arose due to irregularities with respect to repatriations made on behalf of MTN Nigeria Limited and were not in any way designed to restrict access to investor returns.” “In response to the recent regulatory actions, the Banks and MTN are engaging the CBN and have provided additional information which is currently being reviewed with a view to arriving at an equitable resolution.” He assured all investors that the integrity of the CCI regime remains sacrosanct and there shall be no retroactive application of foreign exchange rules and regulations.
The CBN welcomes all legitimate investors to take advantage of the enormous investment opportunities in Nigeria
To retain MPR at 14%, analysts predicts Ahead of the Monetary Policy Committee Meeting, financial analysts have predicted that the Committee will retain Monetary Policy rate (MPR) at 14 per cent this week.
They expected the MPC to retain its benchmark interest rate, MPR, at 14 per cent within the existing of corridor +2 per cent and-5 per cent.
This according to them is against the backdrop of 11.23 per cent rise in August inflation and the need to maintain positive real interest rates in order to countervail the argument for policy loosening amid slowing economic growth.
Meanwhile, the local currency remained unchanged against the U.S dollar at both the Bureau De Change (BDC) segment and the parallel (‘black’) foreign exchange market at N358 to a dollar and N361 to a dollar respectively amid CBN’s sustained special intervention.
Also, Naira and dollar rate closed flat at the interbank foreign exchange market at N330.00 per dollar with weekly injection of $210 million into the foreign exchange market by the CBN through the Secondary Market Intervention Sales (SMIS) of which $100 million was allocated to Wholesale (SMIS), $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.
However, the Nigerian Naira depreciated week-on-week (w-o-w) against the U.S.
dollar at the Investors & Exporters Forex Window (I&E FXW) by 0.14 per cent to close at N363.68 amid increasing demand for the greenback by foreign portfolio investors (FPIs).
Meanwhile, most dated forward contracts at the interbank overthe-counter (OTC) segment appreciated despite declining external reserves–1 month, 2 months, 3 months and 6 months contracts gained 0.10 per cent 0.20 per cent, 0.19 per cent and 0.58 per cent to close N366.60/ USD, N370.04 to a dollar, N373.93 per dollar , N386.27 to a dollar respectively.
Analysts at Cowry Assets Management were of the view that there would be stability in the exchange rate at the BDC segment as CBN continues its special intervention.
