Starting April 2024, the Central Bank of Nigeria has mandated a “Post no Debit” restriction for bank accounts lacking Bank Verification Number (BVN) and National Identification Number (NIN).
This restriction, inhibiting withdrawals and transfers, is outlined in a circular sent to all deposit money banks.
The directive emphasizes electronic revalidation of BVN or NIN linked to accounts/wallets by January 31, 2024.
The circular bears the joint signatures of Chibuzo Efobi, Director of Payments System Management Department, and Haruna Mustapha, Director of Financial Policy and Regulation Department.
