The Central Bank of Nigeria (CBN) has announced that it will freeze any account that does not have a Bank Verification Number (BVN) or a National Identification Number (NIN) by April 2024.
The apex bank said this is part of its efforts to enhance the security and integrity of the financial system and to comply with the National Identity Management Commission (NIMC) Act 2007.
According to a circular issued on Friday by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha, the CBN will conduct a BVN or NIN verification exercise for all account holders and wallet users in the country.
The circular stated that the verification exercise will be done electronically and that all BVN or NIN attached to accounts/wallets must be revalidated by January 31, 2024.
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The CBN warned that any account or wallet that fails to comply with the verification exercise will be frozen and inaccessible until the account holder or wallet user provides a valid BVN or NIN.
The CBN also urged all financial institutions and service providers to cooperate with the verification exercise and to educate their customers on the importance of having a BVN or NIN.
More details soon…