The Central Bank of Nigeria (CBN) has announced its intention to freeze bank accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN), with the restriction taking effect from April 2024. A circular jointly signed by Chibuzo Efobi, Director of Payment System Management Department, and Haruna Mustapha, Director of Financial Policy and Regulation Department, conveyed this decision on Friday.
The circular stipulates that as of March 1, 2024, all funded accounts or wallets lacking NIN and BVN will be placed on Post No Debit or Credit, prohibiting any further transactions. It emphasized the mandatory requirement for BVN and/or NIN for ALL Tier-1 bank accounts and wallets for individuals, while also making it mandatory for Tiers 2 and 3 accounts and wallets to have BVN and NIN for individual accounts.
To ensure compliance, the Central Bank directed the electronic revalidation of BVN or NIN linked to all accounts/wallets by January 31, 2024. Furthermore, the circular noted an immediate prohibition on the opening of new Tier 1 accounts and wallets without BVN or NIN. The CBN also warned of an upcoming comprehensive BVN and NIN audit, with appropriate sanctions for identified breaches.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok
