The new rules come as an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry.
The CBN released a
circular detailing all the updates, but the fundamental change is that BVN or NIN linking for tier-1 accounts is now mandatory. This means all new and existing Tier-1 bank accounts and digital wallets for individuals must have a Bank Verification Number (BVN) and/or National Identification Number (NIN) on file.