CBN Freezes 2,000+ Bank Accounts — What It Means for Small Businesses (2025)

The Central Bank of Nigeria (CBN) has frozen over 2,000 bank accounts across the country in a sweeping clampdown on suspicious financial activity, targeting alleged money laundering, illegal forex dealings, and cryptocurrency-related transactions.

My business account was frozen without warning. I run a legit Instagram store and accept payments through transfers — now I can't access my money or fulfill orders.

Jennifer Musa (name withheld), beauty entrepreneur in Garki, Abuja

While the CBN insists the action is part of a broader financial sanitization drive, small business owners in Abuja are feeling the heat.

🧑🏽‍⚖️ What Happened?

According to CBN's July 2025 circular, affected accounts were flagged by:

• Unusual inflows without tax records

• Crypto transactions through personal accounts

• Unregistered virtual businesses

Banks were directed to freeze the flagged accounts for 180 days pending investigation.

📉 The Impact on Small Businesses

Many online vendors, freelancers, and informal traders have reported:

• Being unable to access funds

• Missed rent, orders, and delivery schedules

• Loss of customer trust and account restrictions

Abuja tech freelancers and digital marketers are especially affected, particularly those receiving payments from foreign clients.

✅ How to Avoid Getting Flagged

If you’re a small business owner, here’s how to stay safe:

• Use a registered business account, not personal accounts

• Declare all foreign inflows and pay taxes where applicable

• Avoid crypto transactions through bank apps — use licensed platforms

• Keep accurate invoice and payment records

  
  

⚖️ Legal Recourse

If your account was frozen and you believe it’s unjustified:

• File a complaint with your bank

• Request official reason/documentation

• Seek legal support via the Small Claims Court or FOS (Financial Ombudsman Scheme)

  
  

✅ FAQs

Q: Why did CBN freeze over 2,000 bank accounts in 2025?
A: Due to suspicious transactions, undeclared inflows, and crypto activity violating CBN regulations.

Q: Can a personal account be frozen for business use?
A: Yes. If flagged for high inflows or business transactions, it may be restricted without warning.

Q: What should I do if my account is frozen?
A: Contact your bank immediately, request written explanation, and consider legal advice.