The Central Bank of Nigeria (CBN) has directed a ‘Post No Debit’ (PND) restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) effective April, next year.
‘PND’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts. The measure effectively freezes the funds in the account, rendering it inaccessible for the duration of the restriction.
In a circular on Friday by CBN’s Director of Payments System Management Department, Mr. Chibuzo Efobi; and Director of Financial Policy and Regulation Department, Mr. Haruna Mustapha, addressed to all deposit money banks, the apex bank also stated that all the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by 31st January 2024.
