CBN Governor, Emefiele

The Central Bank of Nigeria (CBN) has lifted the temporary suspension it placed on the clearing of cheques in the country, with effect from today.

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

It said: “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 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 and Ogun states and the Federal Capital Territory.