The Central Bank of Nigeria (CBN) has instructed banks to remove the post-no-debit restrictions imposed on the bank accounts of 440 individuals and companies.

A post-no-debit restriction means that debit transactions, including ATMs and cheques, are blocked on these accounts, although they can still receive inflows.

The circular, signed on Tuesday by A.M. Barau on behalf of the CBN director of banking supervision, also mandates the banks to notify the affected customers of the development.

However, the CBN did not provide any reason for this action.

The list of affected companies includes Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services, and Proport Marine Limited, among others.

Last year, the CBN also instructed banks to freeze the accounts of 18 companies involved in various sectors. However, the apex bank has now directed banks to unfreeze these accounts.