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.
