The Central Bank of Nigeria (CBN) has issued a directive to banks to remove the post-no-debit restrictions on the bank accounts of 440 individuals and businesses. The affected entities include prominent names such as Bamboo Investment, AbokiFX, and NairaBet, among others.
The post-no-debit restriction is a measure implemented by banks to prevent any debit transactions, including ATM withdrawals and cheque payments, while still allowing inflows into the accounts. This move by the CBN to lift the restriction signifies a significant development in the financial landscape, providing relief to the businesses affected.
Among the list of businesses and individuals impacted are Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited, Urban Laundry, Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, Wudatage Global Resources, Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru.
The circular containing the directive was signed on Tuesday by A.M. Barau, representing the CBN director of banking supervision. The circular also provided guidelines to banks on how to inform the affected clients about the removal of the post-no-debit restriction on their accounts.
This recent development comes after a previous CBN instruction in 2021, wherein 18 businesses, including money-changing bureaus, construction companies, investment firms, money-laundering services, and real estate enterprises, had their accounts frozen under the post-no-debit restriction.
Now, with the removal of the restriction on the accounts of these 440 individuals and businesses, they can resume normal debit transactions, enabling them to conduct day-to-day operations, make necessary payments, and access their funds with greater ease.
The decision to lift the post-no-debit restriction on these accounts is likely to have positive implications for the affected businesses and individuals. By restoring their ability to carry out debit transactions, the CBN aims to facilitate economic activities and contribute to a more stable financial environment in the country.
As the accounts of the 18 companies, previously affected by the CBN’s instruction, are also now unfrozen, there is an expectation that these businesses can resume full-fledged operations and potentially regain their financial footing.
Overall, the move by the Central Bank of Nigeria to remove the post-no-debit restriction on these bank accounts is a step towards supporting economic growth and financial inclusivity, and it underscores the CBN’s commitment to fostering a conducive environment for businesses to thrive.