The Central Bank of Nigeria had Lifted Suspension On Cheque in the Nigerian clearing system, and will henceforth be allowed to pass through the clearing system.
Recall that, the CBN had last month, suspended indefinitely the clearing of cheque instruments in the Nigerian clearing system.
Sam Okojere CBN's Director of Banking Services Department, according to him the temporary suspension of cheque clearing in Nigeria was lifted to make payment efficient for customers and in furtherance of CBN’s effort in the development of a safe and efficient payment system in Nigeria.
Here is the Statement:
"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."
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