CBN Lifts Suspension On Cheques’ Clearing
OMOTAYO ARAOYE
Following the ease of lockdown measures against Covid-19 in Lagos, Ogun, and the Federal Capital Territory (FCT), the Central Bank of Nigeria (CBN), Tuesday, lifted the suspension on cheque clearing by the Deposit Money Banks, thereby accommodating users of cheque again.
President Mummadu Buhari Monday approved the phased ease of lockdown in order to reopen the economy that has stagnated owing to the ravaging coronavirus pandemic that has disrupted economic activities all over the world.
The apex bank noted that the decision was reached in collaboration with relevant stakeholders and in CBN’s effort to develop a safe and efficient payment in Nigeria.
The bank announced via a circular to all the Deposit Money Banks (DMBs) and Nigeria Inter-Bank Settlement System (NIBSS) titled, ‘Temporary suspension of cheque clearing in the Nigerian clearing system’.
What this means is that all cheque instruments will now be processed and cleared for payment.
The circular stated that, “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 cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and the Federal Capital Territory.
CBN encouraged all Deposit Money Banks to advise their customers of this directives.
It also noted that, “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.”
The CBN had earlier suspended the clearing of cheque instruments in the Nigerian clearing system with effect from March 31, due to the lockdown mandated by the Federal Government in Lagos, Ogun and the Federal Capital Territory.
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