The Central Bank of Nigeria (CBN) has set a deadline for the freezing of bank accounts that do not have a Bank Verification Number (BVN) or a National Identification Number (NIN).
According to the CBN, bank accounts without a NIN and BVN would be banned beginning in April 2024.
This was stated in a circular signed on Friday by CBN Directors, Payment System Management Department, Chibuzo Efobi, and Financial Policy and Regulation Department, Haruna Mustapha.
The circular reads: “Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit, and no further transactions permitted.
“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, adding that “it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”
The Central Bank cautioned that the BVN or NIN linked to and/or associated with all accounts or wallets must be electronically revalidated by January 31, 2024, and that no new Tier 1 accounts or wallets should be formed without a BVN or NIN starting immediately.
According to CBN, a complete BVN and NIN audit will be undertaken soon, and if violations are discovered, suitable punishments will be imposed.
