The Central Bank of Nigeria has ordered the Deposit Money Banks in the country to suspend the bank accounts and Bank Verification Numbers of their customers linked with any fraudulent activities. The order was contained in a framework released by the CBN to guide the banks in the operations of the BVN.
The framework came barely one year after the CBN mandated all bank customers in the country to obtain their BVN.
The emergence of the BVN has given the regulator and commercial banks the authority to identify and deal with any infraction by any bank customer.
