The Bank Verification Number (BVN) will be the only passport to making cash withdrawals from any bank accounts henceforth, the Central Bank of Nigeria (CBN) has warned.
The CBN also extended the deadline for bank customers outside Nigeria to get enrolled on the BVN to January 31, 2016.
CBN Corporate Communications Director, Alh Ibrahim Mu’azu, said in a statement 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.
While emphasising that the extension was only for customers in the diaspora, the statement advised Deposit Money Banks to ensure that the exemption was utilized by the targeted group.
“The CBN has also expressed satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria.
“However, 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.”
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