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
Latest News
Stanbic Bank, FinCom Unveil Uganda’s First Fully Digital Lending Solution for Schools
Stanbic Bank Uganda has teamed up with FinCom Technologies—developers of the popular...
Editor Corporate News1 Mins read
Equity Bank Kicks Off 5th Edition of the Equity-NARO Golf Open 2025
Equity Bank Uganda, in collaboration with the National Agricultural Research Organisation (NARO),...
Editor Corporate News2 Mins read
Paratus Group and Roke Telkom Unveil Paratus Uganda in Kampala
Paratus Group, a leading Pan-African telecom and network services provider, has officially...
Editor Corporate News1 Mins read
CMA, CISI Unveil Mandatory Training to Raise Professional Standards in Capital Markets
The Capital Markets Authority (CMA) of Uganda has announced a new partnership...
Editor Corporate News2 Mins read
