CBN Keeps Mum As Deadline Of BVN, NIN Linkage Expires

The Central Bank of Nigeria (CBN) has kept mum as the deadline for banks to restrict customers’ accounts without a Bank Verification Number or National Identity Number has expired.

The CBN asked banks to restrict tier-1 accounts or wallets without NIN or BVN 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.

“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.

Meanwhile, customers have appealed to CBN for a deadline extension.
Bank customers at home and abroad who are yet to link their Bank Verification Number (BVN) or National Identity Number (NIN) to their accounts are seeking more time from the authorities to enable them to comply.

Banking halls across the country were packed full on Friday by such customers after their accounts were put on “Post No Debit or Credit” following the expiration of the March 1 deadline given by the Central Bank of Nigeria (CBN).