The Central Bank of Nigeria (CBN), has announced that it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
Bight Newspaper gathered that the apex bank directed a “Post no Debit” restriction on all affected bank accounts.
“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.
The CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.
Download Full Circular here: Circular on Tier 1 Wallets & Accounts, Guidance Note & Profiling of Customers’ Accounts & Wallets
The CBN also stated that all the BVN or NIN attached to or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.
The circular was jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and the Director of the Financial Policy and Regulation Department, Haruna Mustapha.
See circular obtained from CBN official website here:
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