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CBN to Implement Freeze on Accounts Lacking BVN and NIN from April 2024


CBN to Implement Freeze on Accounts Lacking BVN and NIN from April 2024

The Central Bank of Nigeria (CBN) has announced a stringent measure to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. A circular issued by the apex bank on Friday disclosed that a BVN or NIN verification process will be initiated shortly. The directive also mandates that all BVNs or NINs linked to accounts and wallets must undergo electronic revalidation by January 31, 2024.

As outlined in the circular by Chibuzo Efobi, the Director of Payments System Management Department, and Haruna Mustapha, the Director of Financial Policy and Regulation Department, this move is part of the CBN’s efforts to enhance the security and credibility of the banking system. The proactive approach requires individuals with existing accounts to ensure their BVN or NIN details are electronically verified by the specified deadline. Failure to comply with these regulations may result in the freezing of accounts, underscoring the CBN’s commitment to promoting a secure and compliant banking environment.


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