The Central Bank of Nigeria (CBN) has announced major initiatives to tighten financial regulations and strengthen the naira, including stricter BVN/NIN rules effective May 1, 2026, targeting a $1 billion monthly diaspora remittance, and overseeing the completion of a ₦4.6 trillion bank recapitalisation exercise.
The Stricter BVN Rules for (May 1) of CBN stringent regulations will require all financial accounts to be linked to a Bank Verification Number (BVN) or National Identification Number (NIN). Accounts without these will be frozen, and users are limited to changing their phone numbers once, aimed at curbing fraud.
Bank Recapitalisation: 33 out of 37 banks have complied with the new capital requirements, successfully raising ₦4.65 trillion to enhance the stability of the banking sector.
Diaspora Remittance Target: The CBN aims to boost foreign reserves by targeting $1 billion in monthly diaspora remittances by the end of 2026.
Remittance Payment Changes: International Money Transfer Operators (IMTOs) are now required to pay remittance inflows directly in Naira to beneficiaries rather than foreign currency, effective shortly.
Cash Withdrawal Limits: Weekly, individuals can withdraw up to ₦500,000, with a 3% fee on amounts exceeding this threshold.
