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Business - Economy Updated: March 02, 2024

NIN, BVN linkage: CBN mum as deadline expires

By Felicia Abisola Olamiji
March 02, 2024
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The Central Bank of Nigeria has kept mum as the deadline for banks to restrict customers’ accounts without a Bank Verification Number or National Identity Number has expired.

Recall that CBN, in a notice on December 1, 2023, signed by the Director of Payments System Management Department, Chibuzo Efobi and Director of Financial Policy and Regulation Department, Haruna Mustapha, asked banks to restrict tier-1 accounts or wallets without NIN or BVN.

“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied.

"Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’, and no further transactions will be permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the statement partly reads.

However, during an interview with Daily Post, the President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, appealed to CBN for a deadline extension.

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According to him, though many accounts have NIN or BVN, there are still many without the requirement.

“At this point, the best thing for CBN to do is extend the deadline for bank customers to have their NIN or BVN”, he said.

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Felicia Abisola Olamiji

  A graduate of English Language from Olabisi Onabanjo University, passionate about learning new...

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