300,000 New BVN Registration Recorded As CBN Hammer Looms
Yinka Olajoyetan, Lagos 
Registration for the Bank Verification Number (BVN) increased by 300, 000 to 60.2 million as of January 10, 2024.
This was revealed in the latest BVN registration data released by the Nigeria Inter-Bank Settlement System (NIBSS).
Recall that as of December 18, 2023, the BVN database stood at 59.9 million.
This shows that about 300,000 new registrations for BVN were recorded between late December and early January this year. While registration for the number had been slow throughout 2023, the recent announcement by the Central Bank of Nigeria (CBN) that all bank accounts without BVN would be frozen from April 2024, might have contributed to the increase in registrations.
In December last year, the Apex bank also directed commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, through a circular that the BVN or National Identification Number, NIN, attached to all accounts/wallets must be electronically revalidated by January 31, 2024.
The CBN in December last year announced that it would freeze accounts without a BVN and National Identification Number (NIN) from April 2024.
In a circular by the apex bank, it instructed banks to place a “Post no Debit” restriction – which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”.
“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied.  Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted,” the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha read in part
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