The Central Bank of Nigeria (CBN) has instructed banks to lift the post-no debit restriction on the bank accounts of 440 individuals and businesses.
Directive, signed by AM Barau on behalf of CBN’s director of banking supervision, obliges banks to inform affected customers about the removal of the restriction.
The reason behind CBN’s action was not officially revealed.
However, the list of companies provided by the main bank indicates that the affected accounts belong to various types of companies, including exchange houses, construction companies, real estate companies and investment companies, among others.
The post-no-debit status imposed on these accounts prevents any transactions involving money from leaving the accounts.
In simpler terms, these accounts can receive funds but cannot make withdrawals or payments, including ATM transactions, check payments, credit card transactions, and recurring payments.
Companies whose accounts have been placed in post-no-debit status include Premier Lotto Limited, 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited.
