The Central Bank of Nigeria has notified that as of April 2024, bank accounts not linked to either a Bank Verification Number or National Identification Number will be restricted.
In a joint circular signed by CBN directors, it was stated that effective March 1st, all funded accounts without BVN/NIN will be blocked from further transactions. Quotes from the directive indicate it is now obligatory for individual Tier 1 bank accounts to have BVN/NIN attached.
The Bank also mandated Tiers 2 and 3 accounts must link to BVN/NIN, while announcing electronically revalidating numbers tied to accounts by January 31st. Additionally, new Tier 1 accounts should not be opened sans BVN/NIN immediately.
CBN warned a thorough BVN and NIN audit will shortly occur, with appropriate penalties applied where breaches surface. The deadline aims to promote financial inclusion and help curb criminal activities through universal identification of account owners.
With the April timeframe announced, Nigerians now have months to fulfill the BVN/NIN linking requirement across their finances.