Friday, March 29, 2024
HomeBanking & FinanceCBN suspends cheque clearing over COVID-19 pandemic

CBN suspends cheque clearing over COVID-19 pandemic

 

The Central Bank of Nigeria on Monday suspended indefinitely  the clearing of cheque instruments in the Nigerian clearing system. 

In a circular  to all Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS), CBN Director, Banking Services Department, Sam Okojere,  said the directive became necessary due to the lockdown order issued by the President  Muhammadu Buhari in Lagos, Ogun and the Federal Capital Territory.

The  lockdown was to curtail the rise in the number of confirmed cases of the Coronavirus (COVID-19) pandemic in the country.

The apex bank said in view of the lockdown and in furtherance of its effort to ensure hitch-free clearing and settlement activities, there is need to suspend the clearing of cheques instruments.

The circular with reference number BKS/DIR/GEN/ClR/O7/002  said the suspension would commence from March 31.

By the release, no fresh cheque instrument will be allowed to pass through  the clearing system from today, except returned cheque till further notice.

“Please recall that the first index case of COVlD-19 was recorded in Nigeria on 27th February, 2020 and since that date, there has been some level of increase in the number of confirmed cases in the country. The President, through a nationwide broadcast yesterday, announced a locked down in Lagos and Ogun States and the Federal Capital Territory for two weeks in the interim, starting from 11:00 pm. of March 30, 2020 as a means of combating the spread of the virus and to ensure the safety of all Nigerians,” it said.

“In view of these recent developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the Central Bank of Nigeria hereby suspend, until further notice, the clearing of cheques instruments in the Nigerian Clearing System starting from March 31, 2020.

- Advertisment -spot_img
- Advertisment -spot_img

Most Popular

Recent Comments