Following the relaxation of the lockdown announced by President Muhammadu Buhari on Monday, the Central Bank of Nigeria said it will temporarily lift the suspension of cheque clearing.
CBN’s Director of Banking Services Department, Sam Okejere, stated that the “cheque instrument will be allowed to pass through clearing system” effective Tuesday, April 28.”
The bank first suspended the clearing of cheques on March 31, after the implementation of the lockdown directive by the president began in some states and the Federal Capital Territory.
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Gradual relaxation of the lockdown in Lagos and Ogun states as well as FCT, as announced by Buhari, takes effect from May 4.
“In furtherance 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 payments instruments in Nigeria, despite the lockdown of some states and FCT.
“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,” CBN stated.
Although, the use of cheque has been declining in the Nigerian payment system, the country still processed cheques up to N5tr of which more than half were from corporate organisations.
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