FRI, DEC 01 2023-theGBJournal|Central Bank of Nigeria (CBN) in a circular issued on Friday, directed all commercial banks, non-interest and payment services to freeze any customers’ account that does not have a Bank Verification Number (BVN) or a National Identification Number effective March 1, 2024.
According to the CBN, ”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 permitted.”
It added that ”the BVN or NIN attached to and/or associated will ALL accounts/wallets must be electronically revalidated by January 31, 2024.”
The CBN said the directive is part of effort in promoting financial system stability, and strengthen the Know Your Customer (KYC) procedures in financial institutions.
The apex said that it will conduct a comprehensive BVN and NIN audit shortly and where breaches are identified, appropriate sanctions shall be applied.
”All financial institutions regulated by CBN are required to apply strict compliance on restrictions on Tier1 accounts/wallets as they relate to limits on transaction values and cumulative balances,” the CBN said in the circular signed by the apex bank’s Director, Payments System Management Department, Chibuzo A. Efobi and Haruna B. Mustafa, Director, Financial Policy and Regulation Department.
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