CBN directs banks to place 38 companies’ accounts on post-no-debit

The Central Bank of Nigeria (CBN) on Friday directed all deposit money banks to place accounts of 38 companies, including several gaming and sports betting companies, on post-no-debit with immediate effect.

The directive was contained in a circular dated September 4, 2020 and signed by Bello Hassan, CBN’s director of banking supervision.

A post-no-debit status refers to a block placed on a bank account to stop all transactions that involve money going out of the account. In simple terms, money can go into the account but cannot go out. This affects all ATM transactions, cheques, credit card transactions, recurring payments, and so on.

Although the CBN did not give reason for the post-no-debit on the 38 companies’ accounts, reports say the apex bank accused the companies of disrupting the forex ecosystem. The CBN does not sell dollars to gaming companies, and so they source their dollars on the black market.

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The regulator said banks should revert with the account names, numbers, currencies, and balances of all accounts placed on post-no-debit.

It noted that the only listing entities should be placed on post-no-debit, while all related accounts are excluded.

Among the companies placed on post-no-debit are Premier Lotto Limited, 3D Scanners Bureau De Change Limited, Blue Wall Nigeria Limited, JNFX International Limited and Northline Limited.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.