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The Central Bank of Nigeria on Friday placed a “Post no debit order” on the account of several gaming and sports betting companies in a letter made available to newsmen.
A Post no debit order is a situation where all transactions are prevented (block) on an account, i.e preventing money from going out of the bank account. Any transaction related such as ATM card, checks, credit card transactions are not allowed.
Top gaming companies could be seen on the list of companies banned from transactions …
Internally, the CBN accused the companies of disrupting the Forex ecosystem. Traditionally, the CBN do not sell dollars to Gaming companies making the companies to source for their dollars on the black market.
CBN’s directive comes before the resumption of forex sales to BDCs by the Central bank on Monday 7th of September, in doing this the CBN plan to reduce the demand for FX in the BDC market.
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