CBN Governor, Olayemi Michael Cardoso
CBN to freeze accounts without BVN, NIN from April 2024
The Central Bank of Nigeria (CBN) has said that a “Post no Debit” restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIM) has been imposed 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.
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 it issued and sent to all deposit money banks on Friday.
The apex 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.
According to the circular which was jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, from
1. All Tier-1 bank accounts and wallets for individuals to have NIN and/or BVN
2. It remains mandatory that all Tier 2 and 3 accounts and wallets for individual accounts have NIN and BVN.
3. The process for account opening shall commence by electronically retrieving BVN and NIN information on their respective database.
4. All existing customer accounts and wallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD within 24 hours of opening the account.
