CBN lifts suspension on cheques’ clearing

The Central Bank of Nigeria has lifted suspension on cheques’ clearing by the Deposit Money Banks (DMB).

CBN made this announcement in a notice to all the DMBs and Nigeria Inter-Bank Settlement System issued on Monday, tagged, ‘Temporary suspension of cheque clearing in the Nigerian clearing system’, which was signed by its Director, Banking Services Department, Sam Okojere.

The notice was read in part, it stated “In furtherance of its efforts in the development of a safe and efficient payment 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 the Federal Capital Territory.

“In view of this development, the bank hereby lifts 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.”

The CBN had earlier suspended the clearing of cheque instruments in the Nigerian clearing system with effect from March 31, due to the lockdown mandated by the Federal Government in Lagos, Ogun and the Federal Capital Territory.

In a related development, Onyxnews Nigeria reported that for Nigeria to effectively tackle the deadly coronavirus, the Peoples Democratic Party (PDP) had asked the Central Bank of Nigeria to suspend utility charges.

The party had asked CBN to immediately open an arrangement with commercial banks for the suspension of charges for electricity, use of ATM cards and reduction of mobile fund transfers as part of the measure to ease the burden of poor citizwns of the country during the COVID-19 lockdown.

In a statement released by the party’s spokesperson, Kola Ologbondiyan on Monday 20, April, the party said the lockdown has subjected majority of Nigerians to extensive use of ATM and mobile transfers for survival, making the suspension of charges on minimal transactions within this period of restriction highly imperative.