Nigeria, Feb. 13 -- In a circular dated February 10 and signed by Hamisu Abdullahi, Director of Banking Services, the regulator said the revised sanctions are designed to strengthen the safety and reliability of the country's clearing system. The new framework replaces the 2019 guidelines and applies a graduated penalty structure based on the nature and frequency of offences.



Banks that fail to submit personalised cheques for mandatory testing risk an initial fine of N5 million. Institutions found using unapproved seals or engaging unaccredited operators could face penalties starting from N1 million, with higher fines for repeat breaches.



Cheque printers are also under tighter scrutiny. Producing cheques that fall short of require...