TUE, MARCH 31 2020-theG&BJournal-Deposit money banks in the country are suspending cheque clearing activities across their branches in the country following directive by the Central Bank of Nigeria (CBN), and as part of efforts to curtail the ravaging scourge of Covid-19, with effect from today.
Majority of the financial institutions are already sending out notification to the effect to their customers. This implies that banks and their branches will no longer accept clearing cheques after 10.30 am today because of the health implication of handling them.
The suspension, according the banks, is a spillover effect of the Federal Government’s directive Sunday to lockdown Federal Capital Territory (FCT), Lagos and Ogun states.
They are now requesting customers to use alternative channels, such as electronic transfers to receive direct payments into their account and process all outward payments on Internet Banking platform.
The CBN issued a circular March 30, 2020, announcing that it will suspend clearing and settlement activities including the clearing of cheques instruments in the Nigerian Clearing System starting from March 31, 2020 until further notice.
The CBN said; ‘’for the avoidance of doubt, no fresh cheque instrument will be allowed to pass through Clearing System on March 31 2020, only returned cheque would be treated on the said date. However, settlement for electronic instruments will continue to holding during this period of suspension.’’
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