The Central Bank of Nigeria, CBN, has disclosed that accounts without a bank verification number, BVN, or national identification number, NIN, will be restricted from March 2024.
CBN, in a circular on Friday said a “Post No Debit or Credit” will be placed on funded accounts without BVN or NIN on March 1, 2024.
The circular jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha read: “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 also 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.
The CBN noted that a comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied.