The value of cheques cleared by deposit money banks in the country, increased by N16.87 billion to N265.44 billion in August this year.
This was according to the latest data released by Nigeria Interbank Settlement System Plc.
The figure is N16.87 billion more than the value of cheques (N248.57 billion) cleared by DMBs in July.
The NIBSS’ data shows that the total volume of transactions through cheques rose to 366,002 in August from 344,621 in July 2021.
Analysis of the NIBSS’ numbers shows that the value of cheques cleared by lenders in August is the highest recorded since April this year.
In fact, apart from the month of July when it headed south, dropping to N248.57 billion, the value of cheques cleared by DMBs has maintained an upward trajectory since April.
It increased from N243.70 billion in April to N246.62 billion and N263.66 billion in May and June respectively.
Still, when the value of cheques cleared by lenders in August 2021 is compared with what was cleared in the corresponding period in previous years, it shows a steady drop in the value of cheque transactions.
For instance, according to NIBSS’ data, the value of cheque transactions fell from N468. 40 billion in August 2017 to N396.61 billion in August 2018, declining further to N345.51 billion and N276.27 billion in August 2019 and August 2020 respectively.
Analysts note that the decline in cheque usage is not peculiar to Nigeria, but a global phenomenon, which is being driven by the widespread adoption of electronic payment channels.