The Central Bank of Nigeria (CBN) says it will freeze bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a circular released on Friday by the apex bank which said a BVN or NIN verification will be “conducted shortly”.
Meanwhile the Central Bank of Nigeria (CBN) says there is no expiration date for the Bank Verification Number (BVN).
Following reports that the BVN has a ten-year validity, the apex bank in a statement said it is for life.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period,”
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.”
