CBN Rationalised Policies to Prevent Imminent Recession

Central Bank of Nigeria lifts suspension on cheque clearing

The Central Bank of Nigeria said it has lifted temporary suspension on cheque clearing in the clearing system.

The apex bank made this known in circular sent to deposit money banks and Nigerian Inter-bank Settlement System signed by Sam Okojere, Director, Banking Service.

In the wake u rising cases of coronavirus and the need to maintained social distancing, the CBN had suspended cheque clearing.

A number of individuals and companies have been unable to convert the face value of their cheques to cash as a result.

In a circular sent to banks, CBN stated that in furtherance of its effort in the development of a safe and efficient payments system in Nigeria, it has lifted the suspension.

The CBN explained that the Bank in collaboration with relevant stakeholders reviewed the need for cheque clearing to accommodate users as one of the payments instrument, despite lockdown of some States and FCT.

CBN said in view of this development, it hereby lift the temporary suspension on cheque clearing.

Consequently, the apex bank said, cheque instrument will be allowed to pass through the clearing system with effect from Aril 28.

Then, CBN encouraged deposit money banks to advise their customers accordingly.

Central Bank of Nigeria lifts suspension on cheque clearing

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