A significant crowd inundated banking halls on Monday as customers rushed to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts.

The surge in activity comes in response to the recent directive from the Central Bank of Nigeria (CBN) on Friday, instructing banks to deny access to accounts for customers who have not linked their BVN and NIN.

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The CBN’s new directive mandates existing customers to ensure that all operated accounts created through agents are fully profiled in the NIBSS ICAD and tagged with valid BVN and/or NIN.

Effective immediately, any unfunded account or wallet will be placed on ‘Post no debit or credit’ until the necessary linking process is completed.

Starting from March 1, 2024, all funded accounts or wallets will face similar restrictions.

“Post no debit” is a term describing a restriction imposed by banks on specific accounts, prohibiting customers from making withdrawals, transfers, or debits.

Large crowds were observed at branches of Zenith Bank, Guaranty Trust Bank, and First Bank, particularly at the Ojodu/Berger branches, where customers were queuing to link their NIN to their bank accounts.

The queues at GTBank remained lengthy even as our correspondent left the bank.

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Bank officials noted the unusually high number of customers, with some suggesting that the banks might struggle to cope with the anticipated rush.

Staff rationalization and the departure of key employees were cited as contributing factors.

A branch manager from a new generation bank mentioned the possibility of extending working hours, including weekends, to manage the expected influx.

Data from the Nigeria Inter-Bank Settlement System indicated that over 75 million bank accounts could face restrictions or outright blocks, given that only 59 million BVNs were registered as of October 9, 2023.

In addition to the rush for BVN and NIN linking, there have been reports of continued scarcity of local currency despite CBN directives for banks to issue and accept old and redesigned naira banknotes.

Some banks were observed rationing naira notes in their banking halls, and ATMs were programmed to dispense limited cash.

The scarcity of cash has been linked to concerns that the banking regulator might ban some old denominations by the year-end.

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However, the CBN, through its acting Director of Corporate Communications, Mrs. Sidi Hakama, clarified that following a Supreme Court order, all denominations of Nigerian banknotes, old and redesigned, would continue to be accepted and issued by CBN branches and Deposit Money Banks.