The CBN letter to all deposit money banks
By Our Reporter
The Central bank of Nigeria (CBN) has lifted the ban on temporary suspension of cheque clearing in Nigeria.
This much was revealed in a letter to all deposit money banks and inter-bank settlement systems in Nigeria.
It would be recalled that the CBN on march 30th 2020 in collaboration with relevant stakeholders placed a ban on the temporary suspension of cheque clearing in the country in order to deliberate and see how the accommodation, efficiency and safety of cheque clearing can become payment instruments in the banking system in for cheque users.
After few weeks of deliberating, the CBN lifted the ban.
In the letter, the CBN stated that consequently cheque instruments will be allowed to pass through the banking/clearing system and will take effect from 28th of April 2020. The CBN has given directives that deposits money banks are to inform their customers of the new development.
