COVID-19: Nigerian banks effect CBN order to suspend cheque clearing in Abuja, Lagos, Ogun

April 4, 2020
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Commercial banks have effected the order by the Central Bank of Nigeria (CBN) to suspend cheque clearing.

This directive followed President Muhammadu Buhari’s lockdown of Abuja, Lagos and Ogun States for a period of two weeks.

The order to suspend clearing of cheques was contained in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the CBN Director of Banking Services, Sam Okojere.

The CBN official assured that settlement activities for electronic instruments will continue to hold during the period of suspension.

Consequently, fresh cheque instruments will not be allowed to pass through the clearing system and only cheques that had been previously returned will be treated on the said date.

The reversal of the suspension will be announced by the CBN and the Federal Government.

Banks have already asked branches in other states to be available to enable customers utilize in-branch funds transfer platforms.

Meanwhile, the Nigerian government has given a hint of when the lockdown order could be lifted.

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