Home Business CBN Lifts Suspension on Cheque Clearing as FCMB, Others Set to Oblige

CBN Lifts Suspension on Cheque Clearing as FCMB, Others Set to Oblige


By Ayo Ademola

The Central Bank of Nigeria (CBN) has lifted the temporary suspension it placed on the clearing of cheques in the country, with effect from Tuesday, April 28.

The Bank disclosed this in a circular posted on its website, titled: “Re: Temporary Suspension of Cheque Clearing in the Nigerian Clearing System,” signed by its Director, Banking Services Department, Mr. Sam Okojere.

It explained: “In furtherance of its efforts in the development of a safe and efficient payment 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 in some states and the FCT.

“In view of this, the Bank hereby lift the temporary suspension of cheque clearing in Nigeria. Consequently, cheque instruments will be allowed to pass through the clearing system, with effect from April 28, 2020. Banks are encouraged to advise their customers of this directives.”

“In view of the initial 14-day lockdown announced by the president, the CBN had suspended the clearing of cheques in the Nigerian Clearing System.”

However, FCMB in a statement to customers said, “We refer to the directive from the CBN on March 30, 2020 temporarily suspending Cheque Clearing.

“Following further directive from the CBN, please be informed that the suspension has been lifted and normal clearing of cheques resume today, April 28, 2020.

“For more information, kindly send an email to customerservice@fcmb.com or contact your Relationship Manager.

“Importantly, kindly be aware that fraudsters are actively exploiting the fear and uncertainty created by COVID-19 to prey on innocent people. Ensure you never share sensitive banking information (BVN, OTPs, CVVs, Card Numbers, PINs etc.) with anyone over the phone or online.

“Please visit www.fcmb.com/coronavirus-updates for useful information on how to protect yourself and your loved ones at this time.”




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