Nigeria: CBN Lifts Ban on 440 Accounts Including Bamboo, Nairabet, and AbokiFX

The Central Bank of Nigeria (CBN) has directed banks to remove the post-no-debit restrictions placed on the bank accounts of 440 individuals and companies. The post-no-debit restriction prevents debit transactions, including ATM withdrawals and cheque payments, while still allowing inflows to the accounts.

In a circular signed by A.M. Barau on behalf of the CBN director of banking supervision, the apex bank instructed banks to notify the affected customers about the development. However, the CBN did not provide any specific reasons for the action.

Among the companies on the list whose accounts have been unfrozen are 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, among others.

In a similar move in 2021, the CBN had instructed banks to freeze the accounts of 18 companies, including bureaux de change, construction firms, investment companies, laundering services, and property companies. However, all 18 companies have now had their bank accounts unfrozen by the CBN.

The latest directive by the CBN to lift the post-no-debit restriction shows the apex bank’s willingness to address previous restrictions and allows the concerned individuals and companies to resume regular banking activities.