CBN To Freeze Bank Accounts Without These Two Things from March 2024

CBN is set to freeze bank accounts without these two things from March 2024.

Newsone reports that the  Central Bank of Nigeria (CBN) has set a date to freeze bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN).

The apex bank said bank accounts without NIN and BVN will be restricted from April 2024.

This was contained in a circular jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, on Friday, December 1, 2023

The circular reads: “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 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.

Newsone Nigeria reports that the CBN said a comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied.