CBN lifts suspension on cheques’ clearing

he Central Bank of Nigeria CBN, has lifted suspension on cheque clearing by the Deposit Money Banks.

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

He stated that 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.

He further noted that consequently, cheque instruments will be allowed to pass through the clearing system, with effect from April 28, 2020.

Recall that 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. Copyright PUNCH.

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