The Central Bank of Nigeria (CBN) has announced its intention to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. The directive, outlined in a Friday circular, stipulates that BVN or NIN verification will be conducted shortly.
According to the circular jointly issued by Chibuzo Efobi, CBN Director of Payments System Management Department, and Haruna Mustapha, CBN Director of Financial Policy and Regulation Department, all BVN or NIN linked to accounts or wallets must undergo electronic revalidation by January 31, 2024.
