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Nigeria's central bank suspends cheque clearing as lockdowns begin

Published 30/03/2020, 20:44

LAGOS, March 30 (Reuters) - Nigeria's central bank said on
Monday it will suspend cheque clearing temporarily, as the
country begins coronavirus lockdowns in Abuja and Lagos.
"In furtherance to the Bank's efforts to ensure hitch-free
clearing and settlement activities, the Central Bank of Nigeria
hereby suspends, until further notice, the clearing of cheque
instruments in the Nigerian Clearing System starting from March
31, 2020," the bank said in a circular.
The capital city and the commercial capital begin the
lockdown at 11 pm local time on Monday, although the Finance
Ministry said it would keep a "skeletal staff" to ensure online
transactions and ATMs continued to work.
While use of cheques has been declining in Nigeria, the
country processed 9.02 million cheques in 2018 worth a combined
5 trillion naira ($14 billion), according to the Nigerian
Inter-bank Settlement System, more than half of them by
corporate parties.
($1 = 360.0000 naira)

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