CBN Sets Date For Freezing Of Bank Accounts Without BVN, NIN

Adoga Stephen By Adoga Stephen - Editor-In-Chief
2 Min Read

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.

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.