CBN lifts suspension on cheque clearing
The Central Bank of Nigeria has lifted the suspension placed on cheque instruments in the Nigerian clearing system, allowing them to pass through the clearing system.
According to the CBN's Director of Banking Services Department, Sam Okojere, the temporary suspension was lifted to enhance payment efficiency for customers and further the development of a safe and efficient payment system in Nigeria.
In a circular issued to banks and the Nigeria Interbank Settlement system (NIBSS), Okojere stated that the directive was necessary due to the lockdown order issued by President Muhammadu Buhari in Lagos, Ogun, and the Federal Capital Territory.
The circular reads, "In furtherance of its efforts in the development of a safe and efficient payme...