CBN to freeze bank accounts without BVN, NIN

The Central Bank of Nigeria (CBN) has announced the implementation of a “Post No Debit” restriction on all bank accounts lacking a Bank Verification Number (BVN) and National Identification Number (NIN), effective April 2024.

This directive was communicated through a circular issued by CBN’s Director of Payments System Management Department, Chibuzo Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustapha, to all deposit money banks across the country on Friday.

The term ‘Post No Debit’ denotes a limitation placed by banks on specific accounts, preventing customers from executing withdrawals, transfers, or any other transactions during the stipulated period.

Consequently, the funds in the account become temporarily inaccessible.

Furthermore, the CBN emphasized that electronic revalidation of all BVN or NIN associated with AL accounts or wallets must be completed by January 31, 2024.

SOURCE: FRCN