By Precise Post Staff
Abuja (Precise Post) – The Central Bank of Nigeria (CBN) has suspended until further notice, the clearing of cheque instruments in the country’s clearing system as part of measures to curb the spread of the coronavirus (COVID-19) pandemic and in compliance with the two week restrictions placed on the movement of persons in Lagos, Ogun and Abuja by the Federal Government,
In a circular to banks and the Nigeria Interbank Settlement System (NIBSS) posted on its website yesterday, the apex bank said the suspension takes effect from today, March 31 2020, adding that aside from the coronavirus lockdown, the move is to ensure, “hitch free clearing and settlement activities.”
It, however, said that settlement activities for electronic instruments will continue to hold during the period of the suspension.
According to the circular, which was signed by the Director, Banking Services Department, Mr. Sam Okojere, “for the avoidance of doubt, no fresh cheque instrument will be allowed to pass through clearing system on March 31, 2020. Only returned cheques would be treated on the said date.”
It will be recalled that President Muhammadu Buhari had on Sunday issued a directive restricting the movement of people – excluding those on essential service – with effect from 11pm on Monday, March 30, 2020, in the Federal Capital Territory (FCT), Lagos and Ogun States, as a response to the corona virus (COVID-19) pandemic.
