CBN freezes accounts without BVN, NIN April 2024
With effect from April 2024, the Central Bank of Nigeria has mandated a “Post no Debit” restriction on all bank accounts without 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 such accounts is known as “Post No Debit.”
This action essentially freezes the account’s cash, 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 order from the CBN.
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