With effect from April 2024, the Central Bank of Nigeria has mandated a “Post no Debit” restriction on all bank accounts lacking a National Identity Number and a Bank Verification Number.
A limitation put in place by banks on particular accounts that prohibits users from making withdrawals, transfers, or any other kind of debit from those accounts is known as “Post No Debit.”
This action essentially freezes the account’s funds, making it unavailable while the restriction is in place.
The central bank’s circular, which was distributed to all deposit money institutions on Friday, carried the directive from the CBN.
The Central Bank further declared that by January 31, 2024, any BVN or NIN linked to and/or connected to AL accounts/wallets need to be electronically revalidated.
Directors Chibuzo Efobi of the Payments System Management Department and Haruna Mustapha of the Financial Policy and Regulation Department jointly signed the circular.
Soon, more information…