Beginning in April 2024, all accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) would be frozen, according to a statement from the Central Bank of Nigeria (CBN).
This is a component of an initiative to strengthen the security of the Nigerian banking system and fight financial fraud.
FG Moves To Replace BVN With NIN – Pantami Confirms
In a circular released on Friday, the CBN stated that a verification of BVN or NIN will be “conducted shortly.” Clients who do not currently have a BVN or NIN must apply for one before the deadline in April.
More updates are on the way.
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