CBN lifts suspension on cheques’ clearing

The Central Bank of Nigeria (CBN) has announced the lifting of suspension on cheque clearing by the Deposit Money Banks (DMBs).

The apex bank stated this in a circular titled: “Temporary suspension of cheque clearing in the Nigerian clearing system’ to all DMBs and Nigeria Inter-Bank Settlement System issued on Monday. The circular was signed by its Director, Banking Services Department, Sam Okojere.

Part of the circular read, “In furtherance of its efforts in the development of a safe and efficient payment system in Nigeria, the bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and the Federal Capital Territory.

“In view of this development, the bank hereby lifts the temporary suspension of cheque clearing in Nigeria. Consequently, cheque instruments will be allowed to pass through the clearing system, with effect from April 28, 2020.”

The CBN had earlier suspended the clearing of cheque instruments in the Nigerian clearing system with effect from March 31, due to the lockdown mandated by the Federal Government in Lagos, Ogun and the Federal Capital Territory.