Regulatory Alerts2014-03-10 | CBN/BPS/CIR/02/2014The Circular on the Addendum to the Current Nigeria Bankers Clearing House Rules
The Central Bank of Nigeria has announced changes in the processing of cheques and the clearing procedures to enhance their effectiveness. These include making the use of a presentation stamp on paper-based instruments optional, while maintaining the compulsory use of a crossing stamp. Another significant change is that cheque beneficiaries will now receive value for their cheques at the close of business on Day T+1. In addition, a special clearing session is introduced to cater for exigencies causing delays in the first clearing session, which previously closed at 8 am daily. The new system requires late-transmission banks to pay a fee of N100,000 for cheque instruments but allows NEFT instruments without any additional charge.
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payments
operational