The Central Bank of Nigeria (CBN) has announced the lifting of suspension placed on cheque instruments in the Nigerian clearing system.
CBN Director, Banking Services Department, Sam Okojere, who disclosed this on Monday said cheque instruments will be allowed to pass through the clearing system from April 28. He said the move was in furtherance of CBN’s effort in the development of a safe and efficient payment system in Nigeria.
Okojere said the decision to lift the suspension was taken by the CBN in collaboration with relevant stakeholders after reviewing the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria, despite some lockdown in some states and Federal Capital Territory (FCT). He urged Deposit Money Banks to advise their customers accordingly.
The CBN had last month, 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), 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.
