The Central Bank of Nigeria (CBN) has set a date to freeze
bank accounts without a Bank Verification Number (BVN) or National
Identification Number (NIN).
CBN said bank accounts without NIN and BVN will be
restricted from April 2024.
This was contained in a circular jointly signed by CBN
Director, Payment System Management Department, Chibuzo Efobi, and Director,
Financial Policy and Regulation Department, Haruna Mustapha, on Friday.
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 warned that the BVN or NIN attached to
and/or associated with all accounts/wallets must be electronically revalidated
by January 31, 2024, while also announcing that, effective immediately, no new
Tier 1 accounts and wallets should be opened without BVN or NIN.
CBN said a comprehensive BVN and NIN audit will be conducted
shortly and where breaches are identified, appropriate sanctions will be
applied.
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