The Central Bank of Nigeria on Friday directed a “Post no Debit” restriction on all bank accounts without a Bank Verification Number and National Identification Number effective April 2024, the term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.
The Informant247 gathered that the CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday, adding that all the BVN or NIN attached to or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.
The Director jointly signed the circular, the Payments System Management Department, Chibuzo Efobi, and the Director, the Financial Policy and Regulation Department, Haruna Mustapha.