No withdrawals without BVN, CBN says
The Central Bank of Nigeria on Monday night extended the timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers to January 31, 2016. It also said that no bank customer would be allowed to make withdrawals from his or her account without completing the BVN registration exercise. In a statement made by its Director, Corporate Communications, Alh Ibrahim Mu’azu, CBN explained that the extension was to enable the customers in the Diaspora complete the enrollment exercise as well as link the BVN with their respective accounts. The statement pinpointed that “with the expiration of the October 31 enrollment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as ‘No customer initiated debit’ account, until the account holders obtain and attach BVNs to the accounts. “This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.” It also clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated.
Categories: Local News
Tags: BVN. CBN