The suspension placed on cheque instruments in the Nigerian clearing system has been lifted by the Central Bank of Nigeria, and will henceforth be allowed to pass through the clearing system.
In a circular issued to banks and Nigeria Interbank Settlement system (NIBSS), CBN’s Director of Banking Services Department Sam Okojere, stated that the directive became necessary due to the lockdown order issued by the President Muhammadu Buhari in Lagos, Ogun and the Federal Capital Territory.
The circulation reads in part “In furtherance of its efforts in the development of a safe and efficient payment system in Nigeria, the Bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheques as one of the payment instruments in Nigeria despite the lockdown in some states and the FCT. In view of this, 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. Banks are encouraged to advise their customers of this directives”.