CBN to Restrict Bank Accounts without Verification, Identity Numbers

The Central Bank of Nigeria has announced that all bank accounts without Bank Verification Number BVN and National Identity Number NIN will be placed on “Post no Debit” starting from April 2024.

This was contained in a circular issued

by the Central Bank and sent to all deposit money banks.

The Central Bank also stated that all the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024.

The circular was signed by the central bank’s Director of Payments System Management Department, Chibuzo Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustapha.

“Post No Debit” refers to restrictions imposed by banks on some accounts, preventing customers from making withdrawals, transfers, or any other debits from such accounts.