The Central Bank of Nigeria (CBN) has announced its plans to close millions of bank accounts that are not linked to a Bank Verification Number (BVN) in various financial institutions.
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Why is CBN Closing Bank Accounts Without BVN?
As per a recent analysis by Piggybank.ng, out of 191.4 million bank accounts in Nigeria, only 57.01 million are registered BVN numbers.
Customers who fail to link their bank accounts with their BVN risk losing access to their accounts as CBN plans to close such accounts.
It is, therefore, advisable for customers to ensure that their bank accounts are linked to their BVN to avoid being affected by this exercise.
Exchange Rate Adjustment:
As per recent reports, the CBN may have made a slight adjustment to the official exchange rate of the Naira against the United States dollar.
The Naira has been trading at an all-time low against the dollar, above N463 since the start of Q2 2023, and on Wednesday, April 5, 2023, it depreciated against the US dollar across all foreign exchange markets.