AMOUNTS WITHOUT BVN AND NIN WILL BE FROZEN BY CBN STARTING IN APRIL 2024.

Babatunji Wusu –

All bank accounts lacking a BVN and NIN will be set to “Post no Debit” as of April 2024, according to a central bank announcement.

The central bank delivered a circular to all deposit money banks that included this information.

The directors of the departments of financial policy and regulation, Haruna Mustapha, and payments system management, Chibuzo Efobi, jointly signed the circular.

The central bank further required that by January 31, 2024, every BVN or NIN linked to, connected to, or related with AL accounts/wallets be electronically revalidated in the circular.