Central Bank of Nigeria (CBN) has mandated the enforcement of the use of Bank Verification Numbers (BVN) and National Identity Numbers (NIN) for all bank transactions starting from March 1, 2024.
The CBN’s circular, jointly signed by Chibuzo Efobi, Director of Payment System Management Department, and Haruna Mustafa, Director of Financial Policy and Regulation Department, outlines the implementation of the new policy. Effective immediately, no new Tier 1 accounts or wallets can be opened without BVN or NIN.
The directive added that, “For existing accounts without BVN or NIN, unfunded accounts will be placed on “Post No Debit or Credit” until the requirements are met.
The statement further stated that “Starting March 1, 2024, all funded accounts without BVN or NIN will also be restricted from transactions.
As the deadline for BVN and NIN registration approaches, Nigerians are encouraged to promptly link their BVN and NIN to their bank accounts to avoid any disruptions to their financial transactions.
The CBN has advised the public to utilize various BVN and NIN registration channels, including bank branches, mobile registration centres, and online platforms
