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    Security features of the new naira notes revealed by the CBN

    DSS intercepts syndicates selling new naira notes, bank officials implicated

    Sharia Council asks INEC to hold all elections same day

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

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    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

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    Will Nigerians in diaspora be committing an offence if they make a campaign donation?

    Rivers and Oyo State to join others in establishing small claims courts

    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Equity Market turns bearish… As Value Traded Spikes by 409.01%

    The Local bourse Closed The Week Bearish… As the NGX-ASI fell by 0.18%.

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    NGX-ASI Turns Bullish…As Oil & Gas sector closed at a Gain of 1.58%

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    Local Bourse Records 2nd Day Loss…… As NGX-ASI Decreases by 0.02%

    FGN Savings Bond rate rises above 12% in September 2022

    DMO offers N360 bn FGN Bonds for subscription in January

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    Sellers Sway the Performance of the Equities Market… As NGX-ASI Dips By 0.09%

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    2023 Bible Lessons on Setting your Financial/Investment Goals

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    Fact check: Is the Investment Peter Obi made for Anambra State worth next to nothing?

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    37 years between the Buhari regimes… Economic lamentations remain the same

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

    FACT CHECK: Did Buhari inherit lowest oil production as Tinubu claims?

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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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