CBN Implements “Post No Debit” Freeze on Accounts Without BVN and NIN from April 2024

In a significant move, the Central Bank of Nigeria (CBN) has issued a circular directing a “Post no Debit” restriction on all bank accounts lacking Bank Verification Number (BVN) and National Identification Number (NIN), effective from April 2024. The term “Post No Debit” refers to a restriction placed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts during the restricted period.

This directive from the CBN is a measure aimed at ensuring compliance with the BVN and NIN requirements. Accounts without these identification details will face a freeze, rendering the funds inaccessible for the duration of the restriction. The circular was sent to all deposit money banks, outlining the implementation of this restriction.

Furthermore, the CBN specified that all BVNs or NINs linked to accounts and wallets must undergo electronic revalidation by January 31, 2024. This indicates the urgency of the revalidation process for customers to avoid disruptions to their accounts.

The circular was jointly signed by Chibuzo Efobi, the Director of the Payments System Management Department, and Haruna Mustapha, the Director of the Financial Policy and Regulation Department.

This move underscores the CBN’s commitment to enhancing financial security, regulatory compliance, and the identification of account holders, aligning with broader initiatives to strengthen the financial system.