Regulatory Alerts2020-04-27 | BKS/DIR/GEN/CIR/07/003Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System
The Central Bank of Nigeria's Banking Services Department is lifting the temporary suspension of cheque clearing in the country, allowing cheque instruments to pass through the clearing system starting April 28, 2020. This decision was made in collaboration with relevant stakeholders to promote the development of a safe and efficient payments system in Nigeria, even amidst the lockdown in certain states and the FCT. Deposit Money Banks are encouraged to inform their customers of this directive.
BANKING SERVICES DEPARTMENT CENTRAL BANK OF NIGERIA Central Business District P.M.B. 0187, Garki, Abuja.
+234 - 0946238445 April 27, 2020 REF: BKS/DIR/GEN/CIR/07/003 To: All Deposit Money Banks / Nigeria Inter-Bank Settlement System, RE: TEMPORARY SUSPENSION OF CHEQUE CLEARING IN THE NIGERIAN CLEARING SYSTEM Please refer to our circular dated March 30, 2020, referenced BKS/DIR/GEN/CIR/07/002 on the above subject. In furtherance of its effort in the development of a safe and efficient payments system in Nigeria, the Bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT.
In view of this development, 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.
Deposit Money Banks are encouraged to advise their customers of this directives. Please be guided accordingly.
Sam C. Okojere Director, Banking Services Department