The Central Bank of Nigeria (CBN) has announced a stringent measure to enhance financial security, stating that it will freeze bank accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
The directive, outlined in a circular jointly signed by Chibuzo Efobi, Director of Payments System Management Department, and Haruna Mustapha, Director of Financial Policy and Regulation Department, emphasizes the importance of BVN and NIN verification, which will be “conducted shortly.”
Starting from the second quarter of the upcoming year, the CBN has mandated a “Post no Debit” restriction on all accounts without BVN and NIN.
The term “Post No Debit” implies a limitation imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.
