The Central Bank of Nigeria (CBN) has issued a startling directive to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting April 2024. This move is part of the bank’s initiative to bolster security measures within the banking sector.
Amidst this decision, the CBN has announced imminent BVN or NIN verifications, urging swift compliance from account holders. Furthermore, the bank has mandated electronic revalidation of all BVN or NIN linked to accounts and wallets, setting a stringent deadline of January 31, 2024.
This drastic measure by the CBN signifies a proactive step towards ensuring enhanced security and authenticity of financial accounts within the Nigerian banking ecosystem. Account holders are urged to promptly adhere to the revalidation directive to avoid potential account freezing in line with the CBN’s new guidelines.
