BEVERLY HILLS, March 30, (THEWILL) – The central bank has temporarily suspended cheque clearing in the Nigerian banking system as President Muhammadu Buhari ordered lockdown takes effect midnight Monday in a bid to curb the spread of the coronavirus.
The lockdown was ordered in the commercial capital of Lagos, capital city Abuja and Ogun State.
The regulator in a memo to banks Monday announced the development.
“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 memo said.
The CBN however assured that other channels of transferring funds within the banking and financial system remained operational.