Brands and Marketing
CBN To Restrict Bank Accounts Without NIN, BVN From April
![](https://onyxnewsng.com/wp-content/uploads/2023/12/CBN-headquarters.jpg)
CBN To Restrict Bank Accounts Without NIN, BVN From April
The Central Bank of Nigeria (CBN) has issued a circular stating that bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be frozen starting from April 2024.
The circular, jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, emphasizes the need for customers to ensure that their accounts/wallets are linked to a valid BVN or NIN.
To facilitate this, the CBN has set a deadline for the electronic revalidation of BVN or NIN, which is January 31, 2024.
This means that individuals with accounts or wallets lacking proper BVN or NIN credentials have until this date to update their information.
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.”
Furthermore, the CBN has declared that, going forward, no new Tier 1 accounts or wallets will be opened without BVN or NIN verification.
“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.”
In addition, the CBN has announced its intention to conduct a comprehensive audit of BVN and NIN records. The purpose of this audit is to identify any breaches or non-compliant accounts.
Any account found to be in violation of the BVN and NIN policy will face appropriate sanctions.
It is important for individuals who hold bank accounts in Nigeria to take immediate action to ensure that their BVN or NIN is associated with their accounts.
This will help avoid any disruption or freezing of their accounts starting from April 2024.
Compliance with this directive is crucial to ensure the smooth operation of the banking system and to promote financial transparency and accountability.
-
Headline1 week ago
BREAKING: Gareth Southgate Quits As England Head Coach
-
Headline1 week ago
PHOTOS: Moment Kylian Mbappe Unveiled As Real Madrid Player
-
Crime1 week ago
BREAKING: Police Announce Arrest Of Crypto Billionaire Blord Over Allege Fraud, Terrorism
-
Headline1 week ago
JUST IN: FIFA Launches Investigation On Argentinian Players’ Racist Chants
-
Entertainment1 week ago
BREAKING: BBNaija Reduces Grand Prize For 2024 Edition
-
Entertainment6 days ago
Protest Not The Answer, Be Patient With Tinubu – Actor Yul Edochie Urges Nigerians
-
Headline6 days ago
JUST IN: Donald Trump Vows to End Wars, Restore US Power
-
Headline1 week ago
JUST IN: President Tinubu Appoints Walson-Jack As New Head Of Civil Service
-
Entertainment5 days ago
GWR: Nigerian Doctor Breaks Record For Largest Drawing
-
Headline2 days ago
Akpabio Tenders Apology To Natasha Over ‘Nightclub’ Controversy