Economy

CBN to confiscate N3 Trillion stuck in accounts without BVN

Published

7 years ago

October 23, 2017

Central Bank of Nigeria (CBN) has concluded plans to removed about N3 trillion that is trapped in accounts that have not been linked to the BVN.

The apex bank believes some of these abandoned funds may be proceeds of corruption, which needs to be cleared from the banking system.

Reports reaching us at Edujandon of a banker whose branch manager friend told him of a customer, civil servant who fixed about N18billion naira with the bank but could not access fund because of BVN.

The Nigerian Inter-Bank Settlement System Plc (NIBSS), which is saddled with the responsibility of coordinating the BVN registration exercise, revealed earlier in the month that it has Bank Verification Numbers (BVN) of 32 million users of deposit money bank (DBM) accounts in the banking system.

Meanwhile, the NIBSS had disclosed in December last year that 46 million bank accounts are still without BVN. Financial expert reasoned that should the CBN removed N3 trillion from banks, this would create a serious liquidity challenge in the banking system. Though I believe it may not all be corrupt money.