The Central Bank of Nigeria has remained silent as the deadline for banks to freeze customers’ accounts without a Bank Verification Number or National Identity Number has passed.
The CBN, in a notice on December 1 last year, signed by the Director of Payments System Management Department, Chibuzo Efobi and Director of Financial Policy and Regulation Department, Haruna Mustapha, ordered banks to freeze tier-1 accounts or wallets without NIN or BVN.
“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. “Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’, and no further transactions will be allowed. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the statement partly reads.
