CBN commences one day cheque settlement system

The Central Bank of Nigeria (CBN) said it has commenced move to reduce the settlement cycle of a cheque in the nation financial system known as cheque truncation system to one day, stating, that the project has now taken off across the nations.

The Nigeria InterBank Settlement Systems (NIBSS) and Nigeria’s leading financial services software provider, Precise Financial Systems (PFS), are working with the CBN to achieve this breakthrough across all the 37 branches of the CBN located in states capital in Nigeria including the federal capital territory, Abuja.

In a statement, Yele Okeremi, MD/CEO of PFS, said that with the new regime, all cheques presented for settlement would be resolved within stipulated date across the country.

The cheque truncation system would allow all branches of the CBN to capture all cheques in the respective branches and maintain them in a central server in Lagos. The system then allows all captured cheques from the bank to be transmitted to the clearinghouse from Lagos.