Banks submit lists of non-BVN accounts to CBN

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CBN MPR

Deposit Money Banks in Nigeria have begun submitting lists of accounts without Bank Verification Number to the Central Bank of Nigeria.

This is in compliance with an exparte motion of a Federal High Court last month directing the CBN to ensure the forfeiture of sums in non-BVN accounts to the Federal Government.

The Nigerian Inter-Bank Settlement System had estimated that over 18,000 accounts are affected by the court order.

The situation had caused an uproar as it was reasoned that there wsd no law backing the BVN requirement and as such it was illegal for the court to have made such an order.

Deposit Money Banks are believed to have gone to court to challenge the order.

Efforts are being made to secure a reprieve for customers with genuine beading for non-compliance with the policy.

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