Banks to close accounts without BVN- CBN

The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to close accounts without Bank Verification Number (BVN) in 30 days.

In a review of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry, the CBN directed banks to link customer’s BVN to related accounts/wallets (except Tier 1).

This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, after validation.

“No new account/wallet shall be allowed to operate without BVN (except inflows), however, any account/wallet without BVN shall be closed within 30 days”

Related Posts


Market Update

NGXASI drops 0.03% with positive breadth

Trading activities on the floor of the Nigerian Stock Market closed lower with 32 stocks appreciating in their share value. The All Share Index dropped by 0.03% to close at 56,024.52 points as against the previous close of 56,038.85 points. Market capitalisation also nosedived by 0.02% closing at N30.506 trillion as against N30.513 trillion of the previous […]