‘Banks to Resume Cheque Clearance after Lockdown’

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Deposit money banks in the country are expected to resume clearing of cheques once the lockdown imposed by President Muhammadu Buhari in two states and the Federal Capital Territory (FCT) is either lifted or relaxed.

An official of the Central Bank of Nigeria (CBN), who pleaded to remain anonymous, disclosed this in a chat with THISDAY, saying the decision of the President concerning the lockdown in Lagos and Ogun as well as the FCT would determine the resumption of cheque clearance.

In view of the initial 14-day lockdown announced by the president, the CBN had suspended until further notice, the clearing of cheques instruments in the Nigerian Clearing System.

The CBN had stated this in a circular that was signed by its Director, Banking Services Department, Mr. Sam Okejere, that was addressed to all banks and the Nigeria Interbank Settlement System, a copy of which was posted on its website.

“For the avoidance of doubt, no fresh cheque instrument will be allowed to pass through the clearing system on March 31, 2020. Only returned cheque would be treated to the said date. However, settlement activities for electronic instruments will continue to hold during this period of suspension. Please be guided accordingly,” it had explained.