The Central Bank of Nigeria (CBN) has instructed Nigerian banks to remove post-no-debit restrictions imposed on 440 individual and corporate bank accounts.
A post-no-debit prevents account holders from making any debit transactions, though they can still receive credits. The CBN provided no reasons for reversing course and lifting the prior access freeze on the affected accounts.
Among the companies released from CBN restrictions are fintechs Chaka Technologies and Bamboo Systems Technology, sports betting platform Nairabet, and currency publisher AbokifX. The order came via a circular issued Tuesday and signed by CBN banking supervision director A.M. Barau.
Banks must immediately notify all impacted customers that they again have full access to their accounts, the CBN circular stated.
Over the past two years, Nigeria’s central bank had ordered commercial banks to freeze accounts linked to hundreds of people and organizations as part of an effort to better regulate finance and transactions.