The Central Bank of Nigeria (CBN) has stated that bank accounts without Bank Verification Number (BVN) or National Identification Number (NIN) will be restricted from March 1, 2024.
This was disclosed in a circular issued by CBN on Friday which stated that a “Post No Debit or Credit” will be placed on bank accounts without the required BVN or NIN, adding that all BVN or NIN associated to accounts/wallets must be electronically revalidated by January 31, 2024.
According to the circular, “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the CBN.
“Accordingly, the CBN hereby issues an amendment to Section 1.5.3. of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).”
In this regard, all Tier-1, 2 & 3 bank accounts/wallets for individuals are required to have BVN and/or NIN.
