The Nigeria Interbank Settlement System (NIBSS) has in its latest report stated that deposit money banks in the country cleared cheques valued at N246.62 billion in May, this year.
According to the data released, the figure is N2.92 billion more than the value of cheques (N2.43 billion) cleared by DMBs in the previous month.
More details from the data indicates that the total volume of transactions through cheques increased by 20,900 to N339.67bn in May from N318.77bn in April 2021.
Reports also shows that at N246.62 billion, the value of cheques cleared by lenders in May this year is N68.50 billion above the value (N178.12 billion) cleared by the DMBs in the corresponding period of last year.
Further analysis of the data, in fact, reveals that with the exception of the month of April, the value of cheque transactions maintained an upward trajectory in the first three months of this year.
