RegAlert

Rule · CBN · 27 Apr 2020 · BKS/DIR/GEN/CIR/07/003

Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System

payments

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.

NigeriaCentral Bank of Nigeria

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

Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.

Similar documents from other regulators

More like this from CBN

We email you every new CBN publication the day it's published.

Source: Central Bank of Nigeria — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

In RegAlert: added · updated