The Central Bank of Nigeria (CBN) has suspended clearing of cheques until further notice following the lockdown in Lagos and FCT to contain the spread of the coronavirus pandemic.
The suspension was announced on Monday in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System (NIBSS) by the Director of Banking Services at CBN, Sam Okojere.
President Muhammadu Buhari had on Sunday ordered a lockdown in Lagos, Ogun and the FCT with effect from 11 p.m. on Monday, as a response to contain the coronavirus (COVID-19) pandemic.
Ogun State Government has moved the date for the lockdown to Friday so as to get residents ready.
The apex bank, however, explained that in view of these developments and in furtherance to its effort to ensure hitch-free clearing and settlement activities, the CBN had therefore suspended cheque clearing until further notice.
It further stated that no fresh cheque instrument would be allowed to pass through March 31.
The CBN noted that only returned cheque would be treated on the said date.
“However, settlement activities for electronic instruments will continue to hold during this period of suspension,” the circular read.
