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COVID-19: CBN Lifts Suspension On Cheque Clearing




Zainab Sanni

The Central Bank of Nigeria has lifted the temporary suspension it imposed on cheque clearing.

The CBN had suspended the clearing of cheque instruments following the commencement of total lockdown mandated by the Federal Government in Lagos, Ogun and the Federal Capital Territory.

In a circular addressed to all the Deposit Money Banks and Nigeria Inter-Bank Settlement System, CBN announced that cheque instruments will now be allowed to pass.

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The circular issued on Monday, was titled, ‘Temporary suspension of cheque clearing in the Nigerian clearing system’, and signed by its Director, Banking Services Department, Sam Okojere.

The circular read in part: “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 cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and the Federal Capital Territory.

“In view of this development, 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.”


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