CBN lifts post-no-debit restriction on Bamboo, Nairabet, AbokiFX, others

The Central Bank of Nigeria (CBN) has issued a directive to banks, instructing them to remove the post-no-debit restriction that was placed on the bank accounts of 440 individuals and companies. This post-no-debit restriction had blocked all debit transactions, including those made through ATMs and cheques, while still allowing inflows into the accounts.

The circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, was issued on Tuesday, and it also mandated the banks to inform the concerned customers about the removal of the restriction. However, the CBN did not provide any specific reasons for taking this action.

The list of companies affected includes Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, Proport Marine Limited, and others.

The circular stated, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly.”

In a similar occurrence in 2021, the CBN had instructed banks to freeze the accounts of 18 companies, spanning bureaux de change, construction firms, investment companies, laundering services, and property companies. However, the CBN has since lifted the restriction on all 18 companies’ bank accounts.