The Central Bank of Nigeria (CBN) has said it will freeze Bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN).
The Central Bank of Nigeria said it would block such accounts beginning from March 2024.
This was contained in a circular jointly signed by Chibuzo Efobi and Haruna Mustapha on Friday, December 1, 2023.
Chibuzo Efobi is the CBN Director of Payment System Management Department.
Haruna Mustapha is the CBN Director of Financial Policy and Regulation Department.
“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’s mandatory for Tiers 2 and 3 accounts, wallets for individual accounts to have BVN and NIN”, the circular stated.
The bank added that the BVN and NIN attached to all accounts must be revalidated on January 31, 2024.
Also Read: Apostle Johnson Suleman Reveals What God Will Do In This Month Of December
Viviana Williamson