The Central Bank of Nigeria (CBN) has ordered banks to remove a no-debit restriction placed on the bank accounts of 440 individuals and businesses.
A post-no-debit indicates that all debit transactions on the accounts, including ATMs and cheques, have been prohibited yet the accounts can still receive inflows.
The circular, signed on Tuesday by A.M. Barau on behalf of the CBN director of banking supervision, also directed banks to notify affected consumers of the change.
The apex bank provided no explanation for the action.
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 are among the companies on the list.
The circular read, “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.”
BizWatch Nigeria recalls that in 2021, the CBN directed banks to freeze the accounts of 18 enterprises, including bureaux de change, construction firms, investment firms, laundering services, and real estate firms.
