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February 22, 2024

CBN freezes accounts without BVN, NIN from April 2024

The Central Bank of Nigeria (CBN) has announced a “Post No Debit” restriction on all bank accounts without both a Bank Verification Number (BVN) and a National Identification Number (NIN).

This directive, effective April 2024, essentially freezes funds in non-compliant accounts, preventing withdrawals, transfers, and any other debit transactions.

The CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.

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