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Wednesday, May 27, 2020
Home Banking CBN lifts suspension on cheque clearing

CBN lifts suspension on cheque clearing

The suspension placed on cheque instruments in the Nigerian clearing system has been lifted by the Central Bank of Nigeria, and will henceforth be allowed to pass through the clearing system.

According to CBN’s Director of Banking Services Department Sam Okojere, the temporary suspension of cheque clearing in Nigeria was lifted to make payment efficient for customers and in furtherance of CBN’s effort in the development of a safe and efficient payment system in Nigeria.

In a circular issued to banks and Nigeria Interbank Settlement system (NIBSS), Okojere stated that the directive became necessary due to the lockdown order issued by the President Muhammadu Buhari in Lagos, Ogun and the Federal Capital Territory.

It reads in part;

“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 cheques as one of the payment instruments in Nigeria despite the lockdown in some states and the FCT.

“In view of this, the Bank hereby lift 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. Banks are encouraged to advise their customers of this directives.”

The CBN had last month, suspended indefinitely the clearing of cheque instruments in the Nigerian clearing system.

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