CBN approves new cheque policy effective 1 Jan 2021

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

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

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

In addition, 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.