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CBN Lifts Suspension On Cheque Clearing

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

The CBN gave the directive in a statement published on its website on Monday by Sam Okojere, director of banking services department,.

It said the suspension placed on cheque clearing has been lifted effective April 28.

The apex bank had on March 30 suspended cheque clearing due to the lockdown in Lagos, Ogun and Abuja announced by President Muhammadu Buhari.

The statement read, “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.

“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.

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

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