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The Central Bank of Nigeria (CBN) has directed that cheque clearing should be suspended indefinitely.
According to a notice signed by Sam Okoreje, a director at CBN Banking Services Department, the suspension is effective from March 31.
The notice was addressed to all deposit money banks in the country and the Nigeria Interbank Settlement System (NIBSS).
The notice said the suspension was related to the lockdown in Lagos, Ogun and Abuja announced by the president on Sunday.
“In view of these recent developments and in furtherance of the bank’s effort to ensure hitch-free and clearing activities, the Central Bank of Nigeria hereby suspends, until further notice, the clearing of cheque instruments in the Nigerian clearing system starting from March 31, 2020. “For the avoidance of doubt, no fresh cheque instrument will be allowed to pass through clearing system on March 31, 2020. “Only returned cheques will be treated on the said date.”
The notice, however said settlement activities for electronic instruments will continue to hold during this period of suspension.
