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Wednesday, October 07, 2020

CBN new cheque policy: What you must know - ITREALMS

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The Central Bank of Nigeria (CBN) has approved a new Cheque standard, effective from 1 January 2021, reports ITREALMS.


With this development, all cheque books will now have expiry dates and also its defined as cheque digit which makes it become readable using the MICR code line.

ITREALMS gathered that the MICR line is a group of three numbers, which are the check number, account number, and bank routing number. 

In addition, 
ITREALMS gathered, the MICR number includes the magnetic ink character recognition line printed using technology that allows certain computers to read and process the printed information.

As such bank customers should expect from January 2021 to see such as individual, corporate and even managers cheques.

Chuks Egbune/DoP


Pix: Firstbank sample of the new cheque

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