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JUST IN: CBN Announces Deadline To Freeze Accounts Without NIN, BVN

The Central Bank of Nigeria has directed a “Post no Debit” restriction on all bank accounts without Bank Verification Number and National Identification Number effective April 2024.

“Post No Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.

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This measure effectively freezes the funds in the account, rendering it inaccessible for the duration of the restriction.

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.

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The circular was jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha.

More details soon…



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