The Central Bank of Nigeria (CBN) has announced it will freeze bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a circular jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha.
The apex bank revealed that a BVN or NIN verification will be “conducted shortly”.
The CBN has also 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.
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