The Central Bank of Nigeria (CBN) Friday said all bank customers’ accounts without Bank Verification Numbers (BVN) and the National Identity Number (NIN) shall be frozen beginning from April 2024.
In a circular no. PSM/DIR/PUB/CIR/001/053 dated December 01 2023, the apex bank said a BVN or NIN verification would be conducted very soon to correct these anomalies.
The bank said the move is part of its efforts to promote financial system stability and strengthening of the Know Your Customer (KYC) procedures in financial institutions under its purview.
It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular signed by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha
