The Central Bank of Nigeria (CBN) has lifted temporary suspension of cheque clearing instituted in some states and the Federal Capital Territory (FCT) following the Coronavirus lock down.
The apex bank which announced the decision in a statement by Sam C. Okojere, it’s Director, Banking Services Department, said the decision takes effect from Tuesday.
“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 cheques as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT,” the statement said.
“In view of this development, the Bank hereby lift the temporary suspension of cheque clearing in Nigeria. Consequently, cheque instruments will be allowed to pass through clearing systems, with effect from April 28,2020.
“Deposit Money Banks are encouraged to advise their customers of this directives.”