Bisina SomtoThe Central Bank of Nigeria (CBN) has issued a directive to impose a “Post no Debit” restriction on all bank accounts lacking the Bank Verification Number (BVN) and National Identification Number (NIN) effective April 2024.
The term “Post No Debit” refers to the restriction placed by banks on specific accounts, prohibiting customers from executing withdrawals, transfers, or any other debits during the duration of the restriction.
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Essentially, this measure freezes the funds in the account, making them temporarily inaccessible. The circular, jointly signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustapha, Director of the Financial Policy and Regulation Department, also mandates the electronic revalidation of all BVN or NIN linked to accounts and wallets by January 31, 2024.
This move by the CBN aligns with global efforts to strengthen financial regulations and combat fraudulent activities.
By ensuring that every account is linked to a valid BVN or NIN, the Central Bank aims to enhance the accuracy and security of customer information within the banking sector.
The urgency of electronic revalidation underscores the CBN’s commitment to maintaining an up-to-date database, promoting transparency, and mitigating potential risks associated with unverified accounts.
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