Sophia Michaels
Effective April 2024, the Central Bank of Nigeria has instructed a “Post no Debit” restriction on all bank accounts lacking Bank Verification Number and National Identification Number.
“Post No Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.
This measure effectively freezes the funds in the account, rendering it inaccessible for the duration of the restriction.
The CBN’s directive was contained in a circular issued by the apex bank and sent to all deposit money banks on Friday.
The Central Bank also stated that all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.
The circular was jointly signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha.
More details soon…
