Big queues are beginning to show up at banking balls, as Nigerians try to revalidate their Bank Verification Numbers (BVN) and National Identity Numbers (NIN).
This follows the Central Bank of Nigeria (CBN) new directive to the banks on Friday.
CBN has instructed banks to bar customers who were yet to link their BVN and NIN from having access to their accounts.
It said that existing customers must, “Ensure all operated accounts/wallets created through agents, are fully profiled in the NIBSS ICAD and tagged with valid and correct BVN and/or NIN.”
It added that, “Effective immediately, any unfunded account/wallet shall be placed on ‘Post no debit or credit’ until the new process is satisfied.
“Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post no debit or credit’ and no further transactions permitted.”
Post no debit is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or debits from their accounts.