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CBN Lifts Suspension On Cheque Clearing

A file photograph of CBN Governor, Mr Godwin Emefiele.


The Central Financial institution of Nigeria (CBN) has lifted the suspension positioned on cheque devices within the Nigerian clearing system.

This was acknowledged in a round to banks and Nigeria Interbank Settlement System (NIBSS) issued on Tuesday and signed by CBN Director, Banking Providers Division, Sam Okojere.

Okojere within the round which was titled, Short-term Suspension Of Cheque Clearing In The Nigerian Clearing System, mentioned the financial institution lifted the short-term suspension of cheque clearing in Nigeria to make cost environment friendly for purchasers.

“In furtherance of its efforts within the improvement of a secure and environment friendly cost system in Nigeria, the financial institution in collaboration with related stakeholders has reviewed the necessity for cheque clearing to accommodate customers of cheque as one of many cost devices in Nigeria, regardless of the lockdown of some states and the Federal Capital Territory.

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“In view of this improvement, the financial institution hereby lifts the short-term suspension of cheque clearing in Nigeria. Consequently, cheque devices can be allowed to cross via the clearing system, with impact from April 28, 2020,” the round learn partly.

The CBN had earlier suspended the clearing of cheque devices within the Nigerian clearing system with impact from March 31, because of the lockdown mandated by the Federal Authorities in Lagos, Ogun and the Federal Capital Territory, Abuja.

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