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Nigeria's central bank to resume cheque clearing as lockdowns ease

Published 27/04/2020, 23:12

ABUJA, April 27 (Reuters) - Nigeria's central bank said on
Monday it will resume cheque clearing, just as the country
prepares to gradually ease coronavirus lockdowns in Abuja and
Lagos.
"Cheque clearing instruments will be allowed to pass through
the clearing system with effect from April 28, 2020," a circular
stated.
It added the decision came after it reviewed the need for
cheque clearing as part of a "safe and efficient payments
system," and did not cite the easing of lockdowns.
The central bank first suspended the Nigerian Clearing
System from March 31, one day after the capital city and the
commercial capital began lockdowns. The decision came despite
the Finance Ministry keeping a "skeletal staff" to ensure online
transactions and ATMs continued to work. President Muhammadu Buhari said on Monday that lockdowns in
Lagos, Abuja and Ogun states would gradually ease starting from
May 4. Use of cheques has been declining in Nigeria, but the
country processed 9.02 million cheques in 2018 worth a combined
5 trillion naira ($13.89 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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