The Central bank of Nigeria (CBN) has ordered the the release of frozen bank accounts of 440 firms, individuals allegedly involved in illegal foreign exchange trading. Some of the firms affected include fintech startups such as Bamboo Systems Technology Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International among others.
In 2021, a federal high court based in Abuja granted the request of the Central Bank of Nigeria (CBN) to freeze the accounts of these companies due to “illegal foreign exchange trading”
A circular, signed by A.M. Barau on behalf of the CBN director of banking supervision, on Tuesday, instructed banks vacate a post-no-debit restriction placed on the bank accounts of these 440 individuals and companies. A post-no-debit means that all debit transactions, including ATMs and cheques, on the accounts, have been blocked but can receive inflows. The circular also instructed the banks to notify the concerned customers of the development.
This development is coming days after the suspension and arrest of Mr Godwin Emefiele, former governor of the Central Bank of Nigeria. Mr Emefiele was suspended to allow for investigation into some allegations leveled against him.
