Estimated Reading Time: 1
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.
kindly donate to the work we do using our interim PAYPAL https://www.paypal.me/NewsWireNGR
- Nominations list for the 14th Headies Award is out, Check out the complete Nominations list
- Murder: Court upholds death sentence for Maryam Sanda
- Canadian Government supports Nigeria to strengthen security at the borders
- By-Election: Police in Lagos announce restriction of movement from 6am – 6pm in affected areas
- Arik Air sacks 300 staff members, claims economic hardship
- Patrick Vieira has been sacked as coach of Nice
- Just In: Appeal court sacks Senator Ifeanyi Araraume as Imo North APC candidate
- #EndSARS: Nigerian Police withdraws petition to end ongoing judicial panel
- CAN condemns Zabarmari massacre, calls it ‘satanic’
- Just in: Court remands Maina at Kuje Correction centre