CBN suspends cheque clearing amidst 2-week lockdown

The (CBN) on Monday clearing of cheques until notice following the lockdown in Lagos, Ogun  and to contain the spread of pandemic.

The suspension was announced in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking CBN, Mr Sam Okojere.

News Agency of Nigeria (NAN) reports that  President Muhammadu Buhari on Sunday ordered a lockdown in Lagos, Ogun and the with effect from 11 p.m. on Monday, March 30 ), as a response to contain the coronavirus () pandemic.

The bank explained that in view of these developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the CBN had therefore it until notice.

The apex bank stated that the clearing of cheques instruments in the clearing starting from March and the avoidance of doubt, no fresh cheque instrument would be allowed to pass through March 31.

The CBN noted that returned cheque would be treated on the said date.

“However, settlement activities electronic instruments will continue to hold during this of suspension”. (NAN)