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    Israel and Iran agree on ceasefire – Trump

    Israel and Iran agree on ceasefire – Trump

    Breaking: Iran launches missiles at US bases in the Middle East

    Breaking: Iran launches missiles at US bases in the Middle East

    US military strikes Iran

    US military strikes Iran

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    Trump bans citizens of 12 countries from entering the U.S, full list

    France launches mandatory online visa appointments for travelers

    France launches mandatory online visa appointments for travelers

    Federal Government declares June 6 and 9 public holidays

    Federal Government declares June 6 and 9 public holidays

    • Nigeria
    • Africa
    • World
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    • All
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    Air Sierra Leone commences flight operations to Lagos

    Air Sierra Leone commences flight operations to Lagos

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2025, qualification and payment dates

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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Temporary Suspension of Cheque Clearing Lifted – CBN

Tuesday, 28 April 2020, 10:54 am
in News, Nigeria
1
Temporary Suspension of Cheque Clearing Lifted – CBN
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The central Bank of Nigeria on Monday, 27th April announced the lifting of temporary suspension of cheque clearing it had imposed in March. This was contained in a circular issued by the apex bank seen by Investogist.

According to the circular signed by the Director, banking Services Department, Sam C Okojere, cheque instruments will be allowed to pass through the clearing system with effect from 28 April, 2020.

The CBN has made the decision “in furtherance of its effort in the development of a safe and efficient payments system in Nigeria, the Bank in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheques as one of the payment instruments in Nigeria, despite the lockdown of some states and FCT”.

  • Read also; Coronavirus update – Wuhan discharges all hospitalized patients as over 200 Cuban doctors arrive South Africa.

Recall that on 30th March 2020, CBN issued a circular announcing the temporary suspension of cheque clearing in the Nigerian Clearing System with effect from 31st March citing the lockdown order for Lagos, FCT and Ogun issued by the President following the confirmation of Covid-19 case in Nigeria on 27th March.

  • Read more; Volume of shares traded hit record low as investors stood on the fence

The use of cheque payment system has been on steady decline according to the data available on Nigerian Inter-bank Settlement System Plc website. However, some companies and individuals still use the traditional means of payment instead of the conventional electronic systems.

In 2019, the volume of check transaction was 7.81 million worth N4.48 trillion. This shows a significant decline compared to a volume of 9.02 million valued at N5.04 trillion in 2018.

Written by

Ifunanya Ikueze

 

 

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