The Central Bank of Nigeria (CBN) has directed all banks to initiate a post-no-debit (PND) on the bank accounts of 38 companies over alleged forex infractions among other violations. The affected bank accounts are mainly for bureau de change, betting and logistics companies, The Cable reports.
According to CBN, the direction comes after the companies allegedly moved forex abroad unlawfully causing economic sabotage. According to the bank, the forex is a proceed of the black market a situation that impacted the exchange rate.
CBN remains the biggest player in Nigeria’s forex trading. The institution also regulates all forex trading in the country.
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