The Central Bank of Nigeria (CBN) has announced the lifting of the temporary suspension of Cheque clearing in Nigeria.
In a circular dated April 27, 2020 and addressed to all Deposit Money Banks and the Nigeria Inter-Bank Settlement System by the Director, Banking Services Department, Sam C. Okojere, Cheque instruments would be allowed to pass through the clearing system with effect from April 28, 2020.
The Circular read, “Please refer to our circular dated March 30, 2020, referenced BKS/ DIR/BEN/CIR/07/002 on the above subject.
“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 of some states and FCT.
“In view of this development, 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.”
The circular however encouraged Deposit Money Banks to advise their customers of this directive.
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