The Central of Nigeria has lifted the suspension on cheque clearing it imposed about a month ago, a statement signed by Sam Okojere, a director at the bank services department, disclosed.
“In furtherance of its effort 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 cheque as one of the payment instruments in Nigeria, despite the lockdown.
“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,” the statement read.
Recall that CBN had ordered the suspension on March 31, in order to “ensure hitch-free clearing and settlement activities” during the lockdown. The suspension made money banks halt accepting fresh cheques that require to go through the clearing system, allowing cheques lodged into the clearing system prior to the suspension order to be cleared.
At the time, the CBN had sought permission from the presidency for banks to run lean operations, in order to meet the financial needs of the Nigerians during the COVID-19 induced lockdown.
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