CBN suspends cheque clearing till further notice

The Central Bank of Nigeria (CBN) has suspended indefinitely the cheque clearing in the nation’s clearing System starting from March 31, 2020.

The suspension follows a nationwide broadcast by President Muhammadu Buhari ordering the restriction of movement in Lagos, Ogun and Federal Capital Territory, Abuja, as a result of the persistent spread of COVID-19 in the country.

A statement signed by Sam Okojere, director, banking services department, stated that no fresh cheque instrument would be allowed to pass through the clearing system on March 31, 2020.

However, only returned cheque would be treated on the said date. “However, settlement activities for electronic instruments will continue to hold during the period of suspension,” the statement reads.

The statement noted that the first index case of COVID-19 was recorded in Nigeria on February 27, 2020 and since that date, there has been some level of increase in the number of confirmed cases in the country.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.