CBN to freeze accounts without BVN, NIN from April 2024

The Central Bank of Nigeria (CBN) will freeze bank accounts that don’t have Bank Verification Number (BVN) and National Identification Number (NIN) from April 2024.

CBN has directed a “Post no Debit” restriction on such accounts.

This will prevent affected customers from making withdrawals, transfers, or any other debits from their accounts.

The CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.

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.