CBN to freeze bank accounts without BVN, NIN from March 2024

The Central Bank of Nigeria (CBN) has announced a deadline to freeze bank accounts that lack a Bank Verification Number (BVN) or National Identification Number (NIN).

CBN said such bank accounts will be blocked in April 2024.

This was revealed in a circular co-signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, on Friday.

The circular states: “Effective March 1, 2024, all funded accounts or wallets will be put on Post No Debit or Credit, and no more transactions are allowed.

“It is compulsory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, and also that “it is still compulsory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”

The Central Bank cautioned that the BVN or NIN linked to and/or related to all accounts and wallets must be electronically verified by January 31, 2024, and also declared that, effective immediately, no new Tier 1 accounts or wallets should be created without the BVN or NIN.

The CBN said a thorough BVN and NIN check will be done soon, and where violations are found, suitable penalties will be imposed.