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Cheques to clear in 2 days, starts tomorrow

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New CBN Directive 

Cheques to clear in 2 days, starts tomorrow

The Central Bank of Nigeria (CBN)
has concluded plans to commence implementation of truncation system of clearing cheques in
Lagos.The move is aimed at improving the nation’s clearing system and add value to
cheques being issued by customers,
According to BusinessDay, the new policy, which will
come into effect from tomorrow, will witness faster and more efficient
clearing system that will reduce clearing period from the present three
working days to two.
Cheque truncation involves stopping the physical movement or exchange
of cheques during clearing and replacing this process with the exchange
of images/scanned copies of the instruments.
Cheque truncation system or Image-based Clearing System (ICS), as it
is called in other countries like India, involves the conversion of
physical cheque into electronic form for transmission to the paying
bank, thereby eliminating cumbersome physical presentation of the cheque
and saving time and processing costs.
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Adebayo Folorunsho-Francis is a communicator, Journalist, blogger, business coach and, of course, a prolific writer. He has Dip (Journalism) and B.A. (History & International Relations) from the Lagos State University (LASU). The self-effacing young man has worked for national, regional and local newspapers. He had worked with THISDAY covered community news for ISLAND NEWS and corresponded with P.M. NEWS (evening tabloid). Presently, he is the editor of CITYPULSE MEDIA and senior correspondent of PHARMANEWS, West Africa foremost health and pharmaceutical journal.

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