CBN Orders bank's to suspend account's linked with fraud

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.
As a result of the framework, a number of the DMBs have written to their customers, informing them of the development and their readiness to suspend any account linked to any fraudulent activity.
For instance, Skye Bank Plc has written to its customers,
informing them that the CBN framework on the operations of the BVN had given it the right to suspend all accounts linked to fraudulent activities.
The bank’s letter to its customers on the development, a copy of which was obtained by correspondent, read, “This is to inform you that the CBN recently released a framework to guide the operations of the BVN and a watch List for the Nigerian financial system.


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