CBN suspends cheque clearing in Abuja, Lagos, Ogun

The Central Bank of Nigeria (CBN) on Monday, suspended clearing of cheques in Abuja, Lagos and Ogun until further notice.

This followed the lockdown order which affects the nation’s capital and the two neighboring states.

President Muhammadu Buhari said the decision was to contain the spread of coronavirus.

He, however, exempted financial institutions, key and players and their staff.

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

The bank explained it stopped the clearing to ensure hitch-free clearing and settlement activities.

CBN added that no fresh cheque instrument would be allowed to pass through March 31.

The statement stressed that only returned cheque would be treated on the said date.

“However, settlement activities for electronic instruments will continue to hold during this period of suspension”, it added.

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