CBN To Freeze Accounts Without BVN, NIN

The Central Bank of Nigeria has announced April, 2024 as the date to place a “Post no Debit” restriction on all bank accounts without Bank Verification Number and National Identification Number effective April 2024.

This was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.

OSUN DEFENDER reports that “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.

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

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.