CBN Resumes Cheque Clearance On Tuesday

• CBN Resumes Cheque Clearance On Tuesday

The Central Bank of Nigeria (CBN) on Tuesday directed all Deposit Money Banks in the country to start accepting cheques from customers who wish to clear them.

In a statement released by the apex but signed by Sam Okojere, the Director, Banking Services Department, CBN, the central bank said it has lifted the suspension imposed on cheque clearance effective from April 28.

The apex bank had suspended cheque clearing on March 30 in line with the Federal Government directive on COVID-19 lockdown in Lagos, Ogun and Abuja.

“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 the cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT,” the statement published on the CBN website on Monday read.

“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.

“Deposit money banks are encouraged to advise their customers of this directive.”