Up-country clearing cycle, Central Nigeria, Bankers Committee, Payment instruments, Value collection, Lodgment, Clearing session, Working days, Food security, Agriculture challenges

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The Central Bank of Nigeria (CBN) has reduced the up-country clearing cycle for payment instruments from six working days to four working days, effective from July 2, 2023. This means that proceeds of up-country lodgments will now be available for collection on Thursday of the same week, instead of the afternoon of the following week. The CBN has taken this step to improve the efficiency of the clearing process and reduce the time it takes for value to be transferred between banks.

Related Topics

• Up-country clearing cycle
• Central Nigeria
• Bankers Committee
• Payment instruments
• Value collection
• Lodgment
• Clearing session
• Working days
• Food security
• Agriculture challenges