Last week, the Central Bank of Nigeria (CBN) instructed banks to lift the post-no-debit (PND) restriction on the bank accounts of 440 individuals and companies, including Nigerian fintechs Bamboo, Risevest, Chaka and Trove.
Two years ago, the CBN froze the accounts of the aforementioned companies citing “illegal foreign exchange transactions which were weakening the naira” and involvement in crypto transactions.
Although the bank—now under new leadership—did not disclose the reason for lifting the ban, experts say it will enable FX in the country since these companies enable Nigerian residents to invest in dollarised securities.
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Last updated: December 4, 2024
