EHIME ALEX, Lagos
The Central Bank of Nigeria on Monday lifted suspension it had earlier placed on cheque instruments in nation’s clearing system.
The directive was contained in a circular dated April 27 with REF: BKS/DlR/GEN/ClR/07/003 and signed by Sam C. Okojere, Director, Banking Services Department to all Deposit Money Banks and the Nigeria Inter-Bank Settlement System.
CBN, in reversing to the status quo ante, stated in the circular that cheque instruments are now allowed to pass through the clearing system starting April 28, 2020.
The apex bank had on March 30, 2020 placed a temporary suspension of cheque clearing in the Nigerian clearing system.
The circular reads: “Please refer to our circular dated March 30, 2020, referenced BKS/DlR/GEN/ClR/07/002 on the above subject.
“In fudherance [sic] of its effort in the development of a safe and efficient payments 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 FCT.
“In view of this 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 from April 28, 2020.
“Deposit Money Banks are encouraged to advise their customers of this directives.
“Please be guided accordingly.”
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