CBN says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
By Emma Ogbuehi
The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.
It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024.
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The circular was signed by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.
The CBN’s directive which was sent to all deposit money banks on Friday, has directed a “Post no Debit” restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) effective April 2024.
“Post No Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.
This measure effectively freezes the funds in the account, rendering it inaccessible for the duration of the restriction.
