Central Bank Of Nigeria Lifts Suspension On Cheque Clearing

The Central Bank of Nigeria (CBN) on Tuesday lifted the suspension placed on cheque instruments in the Nigerian clearing system.

This was contained in a circular to banks and Nigeria Interbank Settlement System (NIBSS) issued on Tuesday and signed by CBN Director, Banking Services Department, Sam Okojere.

Okojere in the circular which was titled, Temporary Suspension Of Cheque Clearing In The Nigerian Clearing System, said the bank lifted the temporary suspension of cheque clearing in Nigeria to make payment efficient for customers.

“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 circular read in part.

1. 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, Abuja.