Central Bank of Nigeria Lifts Post-No-Debit Restrictions on 440 Individuals and Companies

The Central Bank of Nigeria (CBN) has issued a directive to banks to lift the post-no-debit restrictions on the bank accounts of 440 individuals and companies.

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, was issued on Tuesday and allows the affected accounts to resume normal debit transactions, including ATMs and cheques.

A post-no-debit restriction essentially meant that all debit transactions on the affected accounts were blocked, with the only exception being the inflow of funds.

However, the CBN did not provide any explicit reason for its decision to remove the restrictions, leaving financial experts and the general public speculating about the underlying motives.

Among the list of companies whose accounts are now free from the restrictions are prominent names such as Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, and Proport Marine Limited, among others.

The CBN’s circular to banks also instructed them to notify the concerned customers about the lifting of the post-no-debit restrictions. As of now, there have been no statements from the affected companies or individuals regarding the unexpected move by the apex bank.

This is not the first time the CBN has taken such actions. Back in 2021, the CBN ordered banks to freeze the accounts of 18 companies, ranging from bureaux de change (BDCs), construction firms, investment companies, laundering services, and property companies.

The apex bank later unfroze all the accounts of those 18 companies, but the reasons behind both actions remain shrouded in mystery.