The Central Bank of Nigeria has announced the lifting of the temporary suspension of cheque clearing in the Nigerian Clearing System as part of its efforts remove the hurdles being faced by cheque issuers over the past three weeks on transactions.
The latest directive, which was conveyed to all Deposit Money Banks (DMBs) and the Nigeria Inter-Bank Settlement System (NIBSS) in a letter with Reference BKS/DIR/GEN/CIR/07/003 dated April 27, 2020 and signed by the apex bank’s Director, Banking Services Department, Sam Okojere, indicated that the directive was in furtherance of the CBN’s efforts in the development of a safe and efficient payments system in the country.
“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 cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT,” the letter read in part.
“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”, it added.
The apex bank urged DMBs to encourage and advise their customers on the latest directive.
It would be recalled that the CBN had, in its circular dated March 30, referenced BKS/DIR/GEN/CIR/07/002, ordered the DMBs and NIBSS to temporarily suspend cheque clearing for all transactions as the COVID-19 pandemic took a huge toll on the economy by paralyzing major economic activities nationwide.
