Section 47: Payments and settlement systems.

(1) The Bank shall facilitate the clearing of cheques and credit instruments for banks carrying on business in Nigeria and for this purpose, the Bank shall at any appropriate time establish clearing houses in premises provided by the Bank in such places as the Bank may consider necessary:
Provided that a bank may be barred from participating in clearing for such period as the Bank may deem fit for non-compliance with directives of the Bank.
(2) Notwithstanding sub-section (1) of this section and in furtherance of the provisions of section 2(d) of this Act, the Bank shall continue to promote and facilitate the development of efficient and effective systems for the settlement of transactions (including the development of electronic payment systems).
(3) The Bank shall have power to prescribe rules and regulations for the efficient operation of all clearing and settlement systems.
(4) In furtherance of the objective of a sound financial system and notwithstanding the provisions of the Evidence Act, any physical or electronic record of transactions that is in a format approved by the Bank shall constitute sufficient proof of such transactions.