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CBN lifts suspension on cheque clearing

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CBN lifts suspension on cheque clearing
CBN

The Central Bank of Nigeria (CBN) has directed deposit money banks to attend to customers who wish to clear cheques.

In a statement by Sam Okojere, Director, Banking Services Department, CBN, the apex bank said that the suspension placed on cheque clearing has been lifted effective April 28.

CBN had on March 30, suspended cheque clearing following a directive on lockdown in Lagos, Ogun and Abuja announced by President Muhammadu Buhari.

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“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 the cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT,” the statement published on the CBN website on Monday read.

“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.

“Deposit money banks are encouraged to advise their customers of this directive.”

Vanguard News Nigeria

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