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CBN lifts Bans on Cheques' clearing



The Central bank of Nigeria has lifted the ban on cheque clearing instruments effective immediately.  


The CBN governor, Godwin Emefiele, announced the new development in Abuja on Monday. 


Recall that the apex bank placed a ban stopping commercial banks from accepting cash deposits of foreign exchange from customers on March 31 due to the Coronavirus lockdown in the country.


In the recent development, the CBN governor accused the Bureau De Change operators of excessive greed. He said the apex bank henceforth would stop its sale of foreign exchange to the BDCs. 


Read also: AGRO-BUSINESS AND CBN'S BACKWARD INTEGRATION: THE NEED TO THREAD CAREFULLY AS THE POOR MAY BECOME POORER


These measures are "meant to ensure that the CBN is better able to carry out its mandate in an effective and efficient manner," Emefiele said. 


The crash in oil prices and the economic fallout from the Coronavirus lockdown pose as an existential threat for the country.

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