Anxiety grips banks over Nov. 3 deadline for BVN

Banks were gripped yesterday by the fear of a major liquidity crisis should the government pull out funds belonging to customers without Bank Verification Number (BVN). The deadline given by the court for such customers to lose their cash is tomorrow.

There has been confusion over the status of such funds after the 14-day deadline.

The Nation learnt yesterday that the Central Bank of Nigeria (CBN) might, at the expiration of the deadline, compel the 21 commercial banks to provide a status report on non-BVN-linked accounts in their books. When that happens, banking sector liquidity may suffer as lenders begin to return un-linked funds to government coffers.

The Vice-President, West African Pan African Lawyers Union (PALU), Emeka Obegoru, spoke with The Nation, that, if there was no suit challenging the court ruling, the banks will have to produce a full list of their customers without BVN.

The Nation, November 2, 2017

 

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