The post-no-debit restriction imposed on the bank accounts of 440 people and businesses has been lifted, according to instructions from the Central Bank of Nigeria (CBN) to banks.
A post-no-debit restriction prevents account holders from making debit transactions, such as those using ATMs and checks, but the accounts can still accept deposits.
On Tuesday, July 25, 2023, the CBN made this announcement in a circular that was signed by A.M. Barau on behalf of the CBN director of banking supervision, News About Nigeria reports.
The apex bank also gave banks instructions to alert worried clients to the new development, although no reason was given for this.
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 part of the businesses on the restriction list.
The circular reads, “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.”
The impacted accounts were frozen in 2021 after the federal high court in Abuja approved the CBN’s plea to suspend select fintech companies’ accounts for 180 days.
According to the CBN, it was looking into ‘illegal foreign exchange transactions’ by fintech firms. and this was done as a measure to reduce crime and fraud in the country. The CBN has now given them the right to continue with their operations.
The affected companies included Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, Crosslinks Capital and Investment Limited, IGP Global Synergy Limited, Davedan Mille Investment Limited and Urban Laundry.
Others were Advanced Multi-Links Services Limited, Spray Resources, Al-Ishaq Global Resources Limited, Himark Intertrades, Charblecom Concept Limited, and Wudatage Global Resources.
Treynor Soft Ventures, Fyrstrym Global Concepts Limited, Samarize Global Nigeria Limited, and Zahraddeen Haruna Shahru were also included.
