CBN suspends cheque clearing

CBN suspends cheque clearing

The Central Bank of Nigeria (CBN) from today, has suspended the clearing of all cheque instruments in the Nigerian clearing system.


A statement signed by the CBN on Monday stated that “no fresh cheque instrument will be allowed to pass through clearing system on March 31, 2020.”

“Only returned cheques would be treated on the said date.”


The circular with reference identity REF: BKS/DIR/GEN/CIR/07/002 signed by Sam C Okojere, Director Banking Services Department attributed the decision to “recent developments and in furtherance to the Bank’s efforts to ensure hitch free clearing and settlement activities.”


According to the CBN, “in view of the ongoing restrictions and in order to check further spread of the corona virus disease, the CBN hereby urges the general public to limit their use of cash and avail themselves of the use of alternative payment channels such as mobile banking, Internet banking, Mobile money, Point of Sale, and USSD.