CBN News Update On Naira Notes Today Tuesday 18th April 2023

Four months after the Central Bank of Nigeria (CBN) introduced redesigned naira notes into circulation, most bank customers and traders have barely seen them. In fact, it is believed that about 80% of the naira notes being spent are the old notes.

Bank officials say they disburse what they receive from the CBN, but the new notes hardly come their way. The apex bank alleges that many Nigerians are hoarding the new naira notes ahead of the December deadline for phasing out the old notes. CBN officials have advised authorities to engage in massive enlightenment and reassurances that the new notes will be available after December.

Massive Rush to Banks As CBN Makes News Announcement About Unlinked Accounts.

In recent news from Nigeria, the Central Bank of Nigeria (CBN) has announced plans to close bank accounts not linked to Bank Verification Numbers (BVN) across deposit money banks. This has led to an uptick in new registrations, with banks reporting a massive rush by customers. The move is aimed at cleaning up the sector and reducing financial fraud. The CBN has been working with the Nigeria Inter-Bank Settlement System (NIBSS) to address the increasing fraud incidences in the financial sector.

The BVN is a unique identifier that links a person to bank accounts across financial institutions in Nigeria and is issued or required at the point of bank account opening. BVN gives account owners a verifiable identity across the Nigerian banking system and protects their accounts from unauthorized access. The recent policy pronouncements by the apex bank have sparked an increase in new registrations, as customers rush to comply with the new guidelines.

The CBN’s Director of the Risk Management Department and Chief Risk Officer, Blaise Ijabor, has stated that the bank’s aim is to clean up the sector and reduce the incidence of financial fraud. The move is expected to drive new BVN registrations by people whose accounts are not linked to BVN and encourage them to update their bank records. The CBN’s efforts are commendable and are likely to improve the integrity of the financial sector in Nigeria.

The number of Bank Verification Numbers has hit 57 million, new data shows

According to newly released data from the Nigeria Inter-Bank Settlement System (NIBSS), the number of individuals with Bank Verification Numbers (BVN) in Nigeria has reached 57 million as of April 9, 2023.

However, despite the Central Bank of Nigeria’s (CBN) announcement that it would shut down bank accounts not linked with BVN, registration for new BVN has slowed down since the beginning of 2023. In the last three months of 2023, banks in Nigeria only recorded 500,000 new BVN enrolments, which is significantly lower than the average of 400,000 monthly registrations in 2022.