The Central Bank of Nigeria on Monday suspended clearing of cheques until further notice following the lockdown in Lagos and Ogun States and the Federal Capital Territory, Abuja to contain the spread of the COVID-19 pandemic.
The suspension was announced in a circular to Deposit Money Banks and the Nigeria Interbank Settlement System by the Director of Banking Services at CBN, Sam Okojere.
The News Agency of Nigeria reports that President Muhammadu Buhari on Sunday ordered a lockdown in Lagos, Ogun and the FCT with effect from 11pm on March 30 as a response to contain the COVID-19 pandemic.
The bank explained that in view of these developments and in furtherance to the Bank’s effort to ensure hitch-free clearing and settlement activities, the CBN had therefore suspended it until further notice.
It said no fresh cheque instrument would be allowed to pass through from March 31.
The CBN noted that only returned cheques would be treated on the said date.
“However, settlement activities for electronic instruments will continue to hold during this period of suspension,” it added.