The Central Bank of Nigeria has revealed that all bank accounts without Bank Verification Number and National Identification Number frozen as from April 2024.
The CBN has directed a “Post no Debit” restriction on all bank accounts without BNV and NIN starting from second quarter of next month.
The term “Post No Debit” is 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 Central Bank also stated that all the BVN or NIN attached to and/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 Director, Financial Policy and Regulation Department, Haruna Mustapha.