CBN Relaxes Cheque Clearing Suspension

The Central Bank of Nigeria (CBN) has removed the temporary suspension it placed on clearing of cheques in the country with immediate effect.

The Bank disclosed this in a circular posted on its website, titled: “Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System,” that was signed by its Director, Banking Services Department, Mr. Sam Okojere.

“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.”

The CBN had suspended the clearing of cheques in the Nigerian Clearing System due to the initial 14 days lockdown order imposed by President Muhammadu Buhari.