Following the expiration of the deadline for Bank Verification Numbers (BVN) registration on October 31, the Central Bank of Nigeria (CBN) has barred bank customers who do not have the BVN from withdrawing from their accounts.

The CBN however extended the deadline for BVN enrolment for Nigerian Bank customers in the Diaspora to January 31, 2016.

While expressing satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria, the CBN in a statement by its director, Corporate Communications, Alhaji Ibrahim Mu’azu, said bank accounts without BVN will be operated as “No Customer Initiated Debit” account, until the account holders obtain and attach BVNs to the accounts.

This means that a customer will not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.The CBN however clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated. It therefore advised the deposit money banks to educate their customers accordingly.

Credit: Leadership