CBN lifts suspension on cheque clearing

The Central Bank of Nigeria (CBN) has said it will resume cheque clearing effective from Tuesday.

“In view of this, 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. Banks are encouraged to advise their customers of these directives,” a circular posted on the apex bank’s website and signed by Sam Okojere, Director Banking Services Unit read in part.

The CBN said it consulted relevant stakeholders in reviewing the need for cheque clearing in order to accommodate the use of cheques as part of the payment instruments in the country in spite of lockdowns in some states and the FCT.

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The bank had on 31st March suspended the Nigerian Clearing System, a day after lockdowns began in the FCT and Lagos.

The action came despite the Ministry of Finance maintaining a “skeletal staff” to ensure online transactions and ATMs continue to work.

Cheque use has been on a decline in the country even though the Nigerian Inter-Bank Settlement System said it processed 9.02 million cheques with a combined value of N5 trillion in 2018.

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