Covid-19: CBN orders bank to dishonour cheques

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Covid-19: From March 31, 2020, cheques will no longer be accepted, CBN. Image By BiztechAfrica

Sequel to the directive of Federal Government of Nigeria to lockdown the nation’s commercial nerve centre, Lagos, its political capital, Abuja and another state, Ogun, for its proximity to Lagos to curb further spread of the lethal virus, coronavirus, the Central Bank of Nigeria (CBN) has directed commercial banks not honour transactions in cheques.

A note shared by one of the leading lenders, Wema Bank, to its customers, it explained that electronic funds transfers are however opened to all.

“The Federal Government has directed a 14-day lockdown in the FCT, Lagos and Ogun States in a bid to curb the spread of the new Coronavirus.

“Due to this, from March 31, 2020, cheques will no longer be accepted in all our branches nationwide as the Central Bank of Nigeria has suspended all cheque clearing instruments.

“Please note that NIBSS Electronic Fund Transfer (NEFT) and other electronic instruments will continue to be processed and settled during this period.

“Thank you for choosing to bank with us,” Wema Bank said in the note.

Source: BiztechAfrica