See why CBN plans to close millions of bank accounts in Access, UBA, Zenith, and others

• Nigerian banks including Access, UBA, and Zenith person frozen implicit 2 cardinal customers' slope relationship
• The determination is successful obedience to the bid from the Central Bank of Nigeria connected linking BVN and NIN to slope accounts
• CBN explained that the directives is indispensable to cleanable up the assemblage and trim the increasing incidence of fraud

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

A caller study shows that Commercial banks successful Nigeria closed 2.021 cardinal slope accounts successful the archetypal 3 months of 2024 (January to March).

The determination follows instructions from the Central Bank of Nigeria that banks indispensable guarantee Tier-1 slope accounts and wallets for individuals person either the Bank Verification Number (BVN) oregon National Identity Number (NIN) oregon some linked oregon beryllium fined.

CBN orders banks to adjacent slope accounts without BVN/NIN Photo credit: Patrick Meinhardt
Source: Getty Images

The apex slope gave banks until March 1, 2024, to statesman afloat implementation, noting that immoderate accounts not afloat complying with the request should not beryllium permitted to transportation retired transactions.

Banks obey CBN

Vanguard reports that banks decided to cleanable their books of questionable accounts and comply with regulatory orders.

The Nigerian Interbank Settlement System (NIBSS) study shows that the implementation has accrued the fig of inactive slope accounts successful Nigeria to 19.7 cardinal successful March 2024.

A slope relationship is classified inactive erstwhile it records zero transactions including deposits, withdrawals, transfers oregon point-of-sale transactions for six months.

Access, GTB, UBA, and others to debit customers' slope accounts for FG

Earlier, Legit.ng besides reported that the national authorities instructed each Nigerian banks to debit customers with domiciliary accounts.

The debit is for aged overseas currency transactions carried retired by customers betwixt 2021 and 2023, and it volition beryllium remitted to the government.

Access Bank, GTB, UBA, Zenith, and different commercialized banks person sent messages to customers to expect the debits.

In a announcement titled 'Important Notice: Electronic Money Transfer Levy Deductions Begin connected Foreign Currency Transactions,' the First Bank of Nigeria announced that deductions would commencement promptly and beryllium forwarded to the FIRS.

Source: Legit.ng