Nigeria set to freeze bank accounts without BVN, NIN

VAM News Update

THE Central Bank of Nigeria (CBN) has set a date to freeze bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN).

CBN said bank accounts without NIN and BVN will be restricted from April 2024.

This was contained in a circular jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, on Friday.

The circular reads: “Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit and no further transactions permitted.

“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, adding that “it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”

The Central Bank warned that the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024, while also announcing that, effective immediately, no new Tier 1 accounts and wallets should be opened without BVN or NIN.

CBN said a comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied.