Fidelity bank banner UBA banner
CBN bans withdrawals from bank accounts without BVN

By News Express on 03/11/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,492


The Central Bank of Nigeria (CBN) yesterday expressed satisfaction with the progress made in the implementation of the Bank Verification Numbers (BVN) project, especially for accounts operated by residents of Nigeria. It did this via a statement issued in Abuja by the Bank’s Director, Corporate Communications, Alhaji Ibrahim Mu’azu.

The statement, however, said that with the expiration of the October 31 enrolment deadline, the apex 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.

The CBN statement 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.

It also advised the banks to remind their customers of the need to link their BVN with their accounts if they had done the enrolment at another bank. 

It will be recalled that the CBN had issued a statement stipulating that any bank customer without the BVN by October 31, 2015, would be deemed to have inadequate Know Your Customer (KYC) requirements.

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

Posted 03/11/2015 04:41:10 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
IGP moves to check extrajudicial killings by police...

Travis Greene joins other gospel heavyweights for The...

Buhari orders payment of Super Falcons in 48...

13 ships arrive Lagos ports with petroleum products,...

Pastor Adelaja writes for News Express, set to...

FG pledges incentives for investors in critical sectors...

No freedom for Nnamdi Kanu, no peace —IPOB...

308 Nigerians killed in 1 month

UN Secretary General’s Special Rep. welcomes launch of...

How to create an authentic brand story

Lagos State Government prosecutes Cameroonian house cleaner for...

Rio Olympics: Why we lost to Colombia —Siasia...

 

Latest News FRSC job seeker collapses, dies Ex-president’s son detained over fraud CBN warns of another looming recession Osun election: PDP calls for resignation of INEC Chairman and Amina Zakari Bill Cosby sentenced to three to 10 years in jail for sexual assault PDP ready to wrest power from APC, says R-APC former National Chairman Buba Galadima Toni Kan and partner sell sabinews.com in landmark deal FG kick-starts 58th Independence Anniversary Celebration with photo exhibition PDP heading for self-destruction in Kogi East, youths warn Osun rerun: Fayemi leads APC leaders to Omisore’s residence Miracle in America: Paralysed people walk again Nigeria's population will hit 450 million by 2050 — International consultant

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (397,496 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (377,285 views) Shameless Genevieve Nnaji exposes breasts in public (309,127 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (251,014 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,770 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,853 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,491 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (182,039 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (166,121 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,592 views) Lagos plane crash: Journalist releases victims’ names (158,472 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (147,108 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,630) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (548) Features (653) Global Business Monitor (301) International (2,436) Interview (165) Live Commentary (28) Love Matters (144) News (39,151) Opinion (1,111) Pidgin (11) Politics (6,759) Religion (873) Sports (1,708) Stock Watch (34) AMA & Al Jazeera Global Update

 

NLNG Expression of Interest banner

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Anthony Joshua vs Alexander Povetkin: Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement