If your Bank Verification Number (BVN) has been blacklisted by the Central Bank of Nigeria then that means that you will no longer have access to any of your bank accounts. All available balances in your accounts will be frozen, and you will not be able to perform any transactions or even open a new account using the BVN number.Information Guide Nigeria
Being blacklisted by the Central Bank of Nigeria means that you are a defaulter who hasn’t paid his financial debts within the stipulated time frame, or you have a negative credit profile on your account.remove your BVN from Blacklist
Read Also: How to Validate BVN on Npower
Thus, if you obtain a loan from any financial institution in Nigeria, and default on your loan repayment, your BVN is at risk of being blacklisted. The good news is that there is a way to remove your BVN from the blacklist. To find out how to remove your BVN number from the blacklist, continue reading this post.How to Validate BVN on Npower
Read Also: How to Update BVN Phone Number
How to Remove your BVN from the Blacklist
Individuals who incur unnecessary and excessive debts will find themselves in a tight position where they will not be able to pay those debts. And failure to pay these debts will result in your BVN number being blacklisted by the Central Bank. Once this occurs, you will no longer be able to access loans from any financial institution. You will also lose access to all your financial accounts in Nigeria.How to Update BVN Phone Number
However, even if your BVN has been blacklisted, there’s still a chance for you to remove your BVN from the blacklist. If you’ve been blacklisted by the Central bank, here are some ways you can use to clear your name:Npower recruitment
Read Also: How to Start BVN Registration Business
1. Pay your Debt
The easiest way to clear your BVN from the blacklist is to approach the business to whom you owe money and settle your account with them. If the amount you’re owing is too large to pay once, you can enter into an agreement with them to negotiate a repayment plan. Once your repayment plan has been approved, you can ask them to write a letter to the credit bureaus or Central bank exonerating you of the debt. Once the letter has been sent and approved, your BVN number will be deleted from the blacklisting.JAMB Result
Note: The creditor, by law, is not obligated to write such a letter, hence, make sure you include the letter as a part of your negotiations. Make the agreement conditional upon the creditor issuing a notice to the Credit bureau or Central Bank.JAMB form
Read Also: How to block BVN Number
2. Go for Debt Counselling
Another means of removing your BVN from the blacklist is by going into debt counseling. Debt counseling and consolidation is a means of settling your outstanding debts that you cannot pay immediately. Ensure that you make use of a reliable and established company when embarking on debt counseling. Check the company’s profile and track record before approaching them.JAMB Result
Read Also: How to change BVN mobile Number
Once your debts have been consolidated, keep track of them, and ensure they’ve been paid. This procedure can take a long period of time, but your debts will eventually be paid. After the debt has been paid off completely, you can request your creditors to write a letter to the credit bureaus or Central bank absorbing all debt obligations.
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