Naira Notes Update From CBN News For Today, April 17, 2023

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Emmynet24 provides you the most recent information from the Central Bank of Nigeria (CBN) on naira notes as the debate over the new naira notes continues. As of April 9, 2023, 57 million people in Nigeria had Bank Verification Numbers (BVNs), according to recently disclosed information from the Nigeria Inter-Bank Settlement System (NIBSS). However, registration for new BVN has slowed considerably since the start of 2023, despite the Central Bank of Nigeria's (CBN) announcement that it would close bank accounts not associated with BVN. Banks in Nigeria only reported 500,000 new BVN enrolments in the final three months of 2023, which is much fewer than the 400,000 registrations per month on average in 2022. The BVN record stood at 56.5 million as of December 2022. According to NIBSS, there were 133.5 million active bank accounts in Nigeria as of December 2021; data for 2022 has not yet been made public. At the time a bank account is opened, a person is given or is obliged to provide a BVN, a special identification number that ties them to bank accounts at various financial institutions in Nigeria. It protects accounts from unwanted access and provides account owners with a verifiable identification throughout the Nigerian banking system. As the CBN releases news regarding unlinked accounts, there is a massive rush to the banks.


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Emmanuel Ukaoha has 4years Experience in Journalism, he is also a Web Developer and an SEO Expert. You Can also Connect with him on Instagram and Linkedln.

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