The Central Bank of Nigeria (CBN) has disclosed a date to prevent bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from operation.
According to CBN bank accounts without NIN and BVN will be restricted from April 2024.
This development came 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.”
CBN issued warning that the BVN or NIN attached and/or related with all account or wallet must be revalidated electronically by January 31, 2024, the body also announced that this would take effects immediately, stating that, no new Tier 1 accounts and wallets should be opened without BVN or NIN.
BVN or NIN Comprehensive Audit will be conducted shortly, according to CBN where breaches are identified, appropriate sanctions will be applied,