By Hamilton Nwosa(Head, The New Diplomat’s Business and data tracking desk)
Following President Muhammadu’s Buhari’s dramatic move to re-open the Nigerian economy that has been in a lockdown scenario for the past 28 days, with his decison to unlock Lagos, Ogun and the Federal Capital (FCT), in a phased manner, the Central Bank of Nigeria(CBN) has written to all Banks and the Nigeria Inter-Bank Settlement System, lifting the temporary suspension placed on cheque clearing.
It is instructive to note cheque as one of the payment instruments in Nigeria was temporarily suspended by the CBN following the lockdown imposed on Lagos, Ogun, and FCT. However, in a letter signed by Sam Okojere, Director of CBN ‘s Banking Services Department, the apex bank said “ the bank (CBN) in collaboration with relevant stakeholders has reviewed the need for cheque clearing to accommodate users of cheque as one of the payment instruments in Nigeria despite the lockdown of some states and the FCT.”
He added: “ In view of this development, the Bank(CBN) hereby lift the temporary suspension of cheque clearing in N Igeria. Consequently, cheque instruments will be allowed to pass through the clearing system, with effect from April 28, 2020.” “ Deposit money banks are encouraged to advise their customers of this directive”, the statement added.
Recall that President Buhari had ordered phased relaxation of lockdown in a bid to rejig the Nigerian economy especially the Banking sector that has faced severe challenges in the last 28 days of lock-down.
