The Central Bank of Nigeria (CBN) has issued fresh directives to banks, financial institutions, and payment service providers aimed at strengthening electronic payment security, tightening oversight of the Bank Verification Number (BVN) system, and improving the management of dormant bank accounts and unclaimed funds.
The directives were contained in three separate circulars released by the apex bank on March 12, 2026, and sent to banks, other financial institutions, and payment service providers operating in the country.
In one of the circulars, the CBN introduced new operational rules for instant payment services in Nigeria as part of efforts to protect customers and reduce cases of electronic fraud.
The apex bank said all financial institutions offering instant payment services must allow customers to voluntarily opt out of the service whenever they wish.
Under the arrangement, customers will be able to switch off the instant transfer feature on their accounts for a chosen period. When this option is activated, customers will not be able to send money electronically through instant transfers to other accounts.
The circular added that customers will automatically be enrolled for instant payment services when they open a new account, but they can later change their preference if they choose.
The CBN also directed banks to allow customers adjust their personal transaction limits for instant transfers.