CBN lifts suspension on cheque clearing
Indications are rife that the Central Bank of Nigeria (CBN) may have lifted its hold on interbank cheques clearing.
This indication emerged from the Secretary to the Government of the Federation Boss Mustapha, when answering questions from the newsmen during the daily Presidential Task Force on COVID-19 press briefing in Abuja on Monday.
COVID-19: All entry points into Benue remain closed, Ortom insists
He said that the Central Bank of Nigeria (CBN) has directed banks to commence cheque clearing from Monday 27th April 2020.
The apex bank had few weeks ago put on hold clearing in the Nigerian financial system, stating that CBN said that all deposit money banks in the country and the Nigerian Interbank Settlement System (NIBSS) is to put on hold the clearing of all cheque instruments in the Nigerian Clearing System, starting from March 31st, 2020.
According to the apex bank’s Director of Banking Services Department, Sam C. Okojere, the directive is intended to “ensure hitch-free clearing and settlement activities” during the 14-day lockdown in Lagos, Abuja and Ogun state.
Following the directive, new cheques have not been allowed to pass through the Nigerian Clearing System which is overseen by the NIBSS.
In other words, deposit money banks had stopped accepting fresh cheques that require to go through the clearing system.
Although, settlement activities had since continued for already existing cheques that are lodged into the clearing system prior to the suspension.
But it is, noteworthy that the Nigerian Clearing System integrates all the banks in the country, making it possible for customers of different banks to easily clear cheques issued to them by other account holders who do not necessarily bank with the same financial institution.
Following the suspension, therefore, Nigerians were no longer able to clear cheques issued to them by third party bank account holders until further now that the suspension is lifted.
The suspension was part of efforts to ensure hitch-free settlement activities during the lockdown period.
