Temporary Suspension of Cheque Clearing in Nigeria Clearing System

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Last week, the Federal Government announced a restriction of movement in Abuja, Lagos and Ogun States for a period of two weeks starting from 11pm, March 30, 2020. This restriction was announced in a bid to reduce the growing cases of CoronaVirus in Nigeria.

Further to that directive, the CBN (Central Bank of Nigeria) has announced a temporary suspension of cheque clearing in the Nigerian Clearing System with effect from March 31, 2020. Gisthound reporters confirmed this information from relevant authorities yesterday.

How does this affect you?

During this temporary suspension period, Fresh Cheque instruments will not be allowed to pass through the clearing system effective March 31, 2020. Only Cheques that had been previously returned will be treated on the said date.

The call off of this suspension will be dependent on a further directive by the CBN / Federal Government.

Customers are however able to use alternative banking channels for their transactions – these include mobile applications and online banking platforms.

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