Beginning in April 2024, all bank accounts lacking a National Identity Number and Bank Verification Number would be subject to a “Post no Debit” restriction by the Central Bank of Nigeria.

A bank’s restriction on a particular account that stops users from making withdrawals, transfers, or any other debits from their accounts is known as a “post no debit.”

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By essentially freezing the account’s funds, this technique makes it unavailable while the restriction is in place.

The central bank’s directive was included in a circular that was distributed to all deposit money institutions on Friday.
Furthermore, according to the Central Bank, by January 31, 2024, all BVN or NIN linked to, or related with, AL accounts or wallets must undergo electronic revalidation.

The directors of the departments of financial policy and regulation, Haruna Mustapha, and payments system management, Chibuzo Efobi, jointly signed the circular.

More information to follow.