The Central Bank of Nigeria (CBN) has instructed banks to lift the post-no-debit restriction on the bank accounts of 440 individuals and companies. A post-no-debit restriction means that all debit transactions, including ATMs and cheques, are blocked on the accounts, but they can still receive inflows.

The CBN did not provide a reason for the initial restriction or the subsequent decision to lift it. In 2021, the CBN obtained a court order to freeze the accounts of various companies, including bureaux de change, construction firms, investment companies, and property companies, on the grounds of investigating "illegal foreign exchange transactions" that were weakening the naira. Additionally, the accounts of 440 individuals were blocked, as they were allegedly involved in cryptocurrency transactions and other forex operations that were deemed detrimental to the naira's stability.

Among the companies affected were Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Bakori Mega Services, Ashambrakh General Enterprise, Namuduka Ventures Limited, and several others.

Now, the CBN has directed banks to notify the concerned customers and lift the post-no-debit restrictions on their accounts.

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