The Central Bank of Nigeria has lifted the temporary suspension placed on cheque clearing in the country with effect from Tuesday, April 28, 2020.
In the circular signed by the Director, Banking Services Department, Sam Okojere, the regulator explained that the action was in furtherance of its effort in the development of a safe and efficient payment system in the country.
In collaboration with relevant stakeholders, it added that “there was a 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 (FCT).”
CBN said, “In view of the development, the bank hereby lift the temporary suspension of cheque clearing in Nigeria. Consequently, cheque instruments will be allowed to pass through the clearing system, with effect April 28, 2020.”
The bank had suspended clearing of all cheque instruments in the Nigerian Clearing System on March 31, 2020.
