This is contained in the Nigerian Bankers’ Clearing System (NBCS) Rules released yesterday by the apex bank. The policy is in line with the CBN’s exercise of the powers con
TheNBCS Rules,which took effect immediately, said any licensed bank that is not a member of the NBCS may enter into an agency agreementwithanymember – bankforthepurposeofa
Amemberbankmaybepen listedbysuspensionfrom participatinginclearing for such periods as shall be determined by the CBN for non-attendance of two consecutive meetings of the Committee, without a satisfactory reason communicated in writing within five working days before or after any scheduled meeting.
Eligible financial instruments for clearing purposes are paper-based payment instruments, such as cheques, managerscheques, drafts, dividend/interest warrants, debit/credit notes, bankerspayments.
Paper-based Payment Instruments deposited by the customer at any member bank shall be deemed paid by 10pm of the next working day (T+1) except where it is returned by the paying bank, a special caution or an extension of value date request has been received from the paying bank.
Also, Settlement Bank shall not use any information provided by Non-Settlement Bankforanypurposeother thanaspermittedorrequi