Central Bank of Nigeria, CBN, has directed banks to desist from patronising foreign printers in line with its policy on the domestication of cheque-printing in Nigeria.
A statement obtained from the apex bank’s website yesterday, signed by the Director, Banking and Payment System Department, Dipo Fatokun with Ref: BPS/DIR/CIR/08/2015 noted that foreign printers were neither accredited nor re-accredited.
The circular directed to deposit money banks, cheque printers and other stakeholders on the accreditation of cheque printers for 2015/16, that only five Nigerian companies are authorised to do so.
The local companies are Superflux International Ltd, Triple Gee and Company Plc, Nigerian Security Printing and Minting Plc, Euphoria Group and Papi Printing Company Ltd.
It also stated that the CBN, in collaboration with the MICR Technical Implementation Committee conducted the accreditation and re-accreditation exercise in line with the NICPAS qualification
criteria and found the above stated cheque printers qualified to print cheques for the Nigerian market.
The CBN, however, explained that the action is in line with the furtherance of its mandate to ensure an efficient payment and settlement system in the country.
Nigerian Pilot recalls that before now, the CBN accredited only three companies which were security printing companies in Nigeria.