The Central Bank of Nigeria (CBN) has issued a directive imposing a “Post No Debit” restriction on all bank accounts lacking both Bank Verification Number (BVN) and National Identification Number (NIN) starting from April 2024. “Post No Debit” signifies a restriction placed by banks on specific accounts, preventing account holders from making withdrawals, transfers, or any other debits during the period of the restriction.
This directive effectively freezes the funds in such accounts, making them inaccessible until the restriction is lifted. The CBN’s circular, conveying the directive, was issued to all deposit money banks and bears the joint signatures of Chibuzo Efobi, the Director of Payments System Management Department, and Haruna Mustapha, the Director of Financial Policy and Regulation Department.
This move is part of the CBN’s efforts to enhance financial security and ensure that all bank account holders comply with the BVN and NIN requirements. Additional details on the implementation of this directive are expected to be provided in due course.