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COVID-19: CBN lifts suspension on cheque clearing
Ishola Wasiu    Apr 29 at 12:01 AM    0    0    95

The Central Bank of Nigeria has broadcasted the lifting of the temporary suspension of cheque clearing in the Nigerian Clearing System which was put in place as a control of transaction issues faced by cheque issuers over some few weeks.

The latest directive, which was conveyed to all Deposit Money Banks (DMBs) and the Nigeria Inter-Bank Settlement System (NIBSS) in a letter with Reference BKS/DIR/GEN/CIR/07/003 dated April 27, 2020 and signed by the CBN Director, Banking Services Department, Sam Okojere, indicated that the directive was in furtherance of the CBN’s efforts in the development of a safe and efficient payments system in the country.

The partial content of the letter goes thus:

In furtherance of its effort in the development of a safe and efficient payments 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 FCT.

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 urged DMBs to encourage and advise their customers on the latest directive.

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