The central bank on Friday announced that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.
The new directive was contained in a circular issued by the central bank and sent to all deposit money banks.
The circular was signed by the central bank’s Director of Payments System Management Department, Chibuzo Efobi, and the Director of Financial Policy and Regulation Department, Haruna Mustapha.
“Post No Debit” refers to restrictions imposed by banks on some accounts, preventing customers from making withdrawals, transfers, or any other debits from such accounts.
The central bank also stated that all the BVN or NIN attached to and associated with all accounts/wallets must be electronically revalidated by January 31, 2024.