CBN lifts suspension on clearing of cheques - ITREALMS

ITREALMS:

The Central Bank of Nigeria (CBN) has lifted suspension on clearing of cheques, reports ITREALMS.

This, ITREALMS gathered follows earlier communication on the temporary suspension of cheque clearing in Nigeria which was instituted on the 31 March 2020 by Central Bank of Nigeria (CBN).

According to CBN sources and Bankers Committee including the First Bank, “we are pleased to inform you that the CBN has now lifted the suspension.”

First Bank, for instance, explained that to accommodate users of cheques and it’s use as one of the payment instruments in Nigeria in spite of the lockdown in some states and the Federal Capital Territory..

“All cheque instruments will now pass through the clearing system effective today 28 April 2020,” sources close to First Bank affirmed.

Chuks Egbune/Editor

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