CBN Lifts Suspension Of Cheque Clearing

The temporary suspension placed on cheque clearing in the country has been lifted by the Central Bank of Nigeria.

THE WHISTLER had reported the suspension of the clearing of all cheque instruments in the Nigerian Clearing System effective March 31st, 2020.

The Nigerian Clearing System is overseen by the Nigerian Interbank Settlement System (NIBSS), a platform for clearing interbank cheques among others.

The CBN said during the initial suspension that the move would “ensure hitch-free clearing and settlement activities” during the initial 14-day lockdown.

In a statement on Monday, the bank announced the lifting of the suspension effective from Tuesday, April 28, 2020.

According to the bank, the move will ensure an efficient payment system in the country.

 “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 from April 28, 2020,” CBN said in a statement singed by the Director, Banking Services Department, Sam Okojere.

CBN said it was working with other stakeholders to ensure the use of cheques as one of the payment instruments despite the lockdown.