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CBN’s Move to Safeguard Nigerian Finances

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CBN’s Move to Safeguard Nigerian Finances

CBN's Move to Safeguard Nigerian Finances

CBN’s Move to Safeguard Nigerian Finances

The Central Bank of Nigeria (CBN) has revealed its intention to freeze the accounts of Nigerians lacking a Bank Verification Number (BVN) or National Identification Number (NIN) beginning April 2024.

This directive, outlined in a circular dated December 1, 2023, emphasizes the impending BVN or NIN verification.

The CBN aims to streamline the financial sector and mitigate the rising instances of fraud, collaborating with the Nigerian Inter-Bank Settlement System (NIBSS) to address identified vulnerabilities.

The primary concern revolves around Tier-1 accounts, easily opened with minimal documentation, often lacking BVN linkage.

With a deposit limit of N50,000 and operating balances ranging from N200,000 to N300,000, these accounts, prevalent among the unbanked and rural communities, are susceptible to cyber threats due to customers’ limited awareness of cybersecurity measures.

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