The Central Bank of Nigeria (CBN) has lifted the suspension placed on all cheque instruments in the Nigerian clearing system, signifying that cheques will be allowed to pass through the clearing system.
The CBN had last month, suspended indefinitely the clearing of cheque instruments in the Nigerian clearing system following the crisis engendered by the Coronavirus (COVID-19).
CBN’s Director of Banking Services Department, Sam Okojere, said that the temporary suspension of cheque clearing in Nigeria was lifted to make payment efficient for customers and in furtherance of CBN’s effort in the development of a safe and efficient payment system in Nigeria.
In a circular issued to banks and Nigeria Interbank Settlement system (NIBSS), Okojere stated that the directive became necessary due to the lockdown order issued by the President Muhammadu Buhari in Lagos, Ogun and the Federal Capital Territory.
According to the circular, “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 in some states and the FCT.
“In view of this, 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. Banks are encouraged to advise their customers of this directives.”
