Harmonisation of Clearing Cycles to Three Working days
May 26th, 2008
Recall that on July 2, 2007, the Central Bank of Nigeria, in collaboration
with the Bankers Committee, reduced the clearing cycle for up-country
payment instruments from six (T+5) to four (T+3) working days. In order to
build on the success of that initiative, the deposit money banks were
informed in a letter that the two clearing cycles would be collapsed into
one. As a follow-up to that letter, a meeting with the banks and other
stakeholders was held on Tuesday April 22, 2008 at which it was agreed
that the up-country clearing cycle should be merged with the local clearing
cycle of three working days.
with the Bankers Committee, reduced the clearing cycle for up-country
payment instruments from six (T+5) to four (T+3) working days. In order to
build on the success of that initiative, the deposit money banks were
informed in a letter that the two clearing cycles would be collapsed into
one. As a follow-up to that letter, a meeting with the banks and other
stakeholders was held on Tuesday April 22, 2008 at which it was agreed
that the up-country clearing cycle should be merged with the local clearing
cycle of three working days.