CBN Lifts Suspension on Interbank Cheque Clearing

The Central Bank of Nigeria (CBN) has lifted the suspension placed on interbank cheque clearing.

In a statement on Monday by the apex bank’s Director, Banking Services Department, Mr Sam Okojere, titled ‘Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System’, said that “cheque instruments will be allowed to pass through the clearing system, with effect from April 28.”

“In furtherance of its efforts in the development of a safe and efficient payments system in Nigeria, CBN, in collaboration with relevant stakeholders, has reviewed the need for cheque clearing to accommodate usage of cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and the FCT” the statement said,

The CBN had earlier in a circular with reference BKS/DIR/GEN/CIR/07/002, directed all deposit money banks in the country and the Nigerian Interbank Settlement System (NIBSS) to put on hold the clearing of all cheque instruments in the Nigerian Clearing System, from March 31st, 2020.

The decision was based on the lockdown of some states and the FCT.

With the lifting of the suspension, cheques can now go for clearing, thus making it possible for customers of different banks to easily clear cheques issued to them by other account holders who do not necessarily bank with the same financial institution.