Over the past few months, particularly since the start of 2026, Nigerian banking regulators have rolled out a series of high-impact policies and directives across the financial system.
While some of these measures made headlines at the time they were announced, many quietly introduced significant changes that could affect banks, fintechs, businesses, investors, and millions of consumers.
From new ATM deployment rules and tighter Bank Verification Number (BVN) requirements to fresh cybersecurity obligations and foreign exchange reforms, the regulatory landscape has continued to evolve rapidly.
Over the past few months, particularly since the start of 2026, Nigerian regulators have rolled out a series of high-impact policies and directives across the financial system.
That is why, for this edition of Regulatory Watch, Nairametrics reviewed some of the most important recent pronouncements from the Central Bank of Nigeria (CBN) that could shape banking operations, digital payments, foreign exchange access, and consumer protection in the months ahead.
8. Mandatory cybersecurity assessment for banks, fintechs
On March 31, 2026, the Central Bank of Nigeria introduced a mandatory Cybersecurity Self-Assessment Tool (CSAT) for all regulated financial institutions as part of efforts to strengthen the resilience of Nigeria’s financial system against rising cyber threats.
Under the directive, Deposit Money Banks (DMBs) were given three weeks to complete and submit the assessment, while other financial institutions, including microfinance banks, payment service providers, and fintech firms, were given five weeks to comply. The assessment is to be submitted through a dedicated regulatory portal.
The apex bank said the CSAT would serve as a supervisory tool to evaluate the cybersecurity readiness of financial institutions, particularly as digital banking transactions continue to grow rapidly across the country. The move also comes amid increasing concerns over fraud, ransomware attacks, identity theft, and attempted breaches targeting banks and fintech platforms.
For banks and fintech companies, the directive means increased compliance obligations and likely additional investments in cybersecurity infrastructure, internal controls, and staff training. Institutions found to have weak cybersecurity frameworks could face stricter regulatory scrutiny in the coming months.
For consumers, the move is expected to improve the safety of digital banking platforms and reduce exposure to fraud and service disruptions, especially as more Nigerians rely on mobile banking apps, transfers, and digital wallets for everyday transactions.
7. Order to banks on the expansion of ATM deployment nationwide
In mid-March 2026, the Central Bank of Nigeria directed banks and card issuers to significantly increase the deployment of Automated Teller Machines (ATMs) across Nigeria.
Under the new guideline, financial institutions are expected to maintain a minimum ratio of one ATM for every 7,500 payment cards issued by 2028. The policy forms part of the apex bank’s broader push to improve cash access and reduce pressure on banking halls across the country.
The directive comes at a time when many Nigerians continue to face failed withdrawals at ATMs, cash shortages, particularly on weekends, and limited access to banking infrastructure, particularly in rural and underserved areas. By increasing ATM availability, the CBN hopes to improve access to cash while supporting financial inclusion.
For banks, the regulation could mean increased capital expenditure on ATM procurement, deployment, maintenance, and security. Financial institutions may also need to expand ATM coverage beyond major urban centres to comply with the policy over time.
For consumers and businesses, the move could reduce waiting times, improve access to cash, and ease transaction bottlenecks, especially during periods of high demand or cash scarcity.
6. New BVN rules with age and phone-number restrictions
Also in March 2026, the Central Bank of Nigeria revised parts of its Bank Verification Number (BVN) framework, introducing stricter identity verification measures aimed at reducing fraud and strengthening customer data integrity.
Under the revised framework, only individuals aged 18 years and above are now eligible to enrol for a BVN. The apex bank said the measure is intended to align BVN registration with legally recognised age thresholds and strengthen Know-Your-Customer (KYC) standards across the banking sector.
The CBN also introduced restrictions on changes to phone numbers linked to BVNs, stating that customers would only be allowed to modify their registered phone number once. In addition, access to BVN databases was limited strictly to financial institutions licensed by the apex bank.
The tighter rules are largely targeted at reducing identity manipulation, account fraud, and abuse of financial identities, particularly within the fast-growing digital banking and fintech ecosystem.
For banks and fintech firms, the changes mean stricter onboarding and verification processes. Institutions will likely need to strengthen customer identity validation systems and improve monitoring of account-related changes. For consumers, especially younger users, the regulation could limit direct access to certain financial services unless alternative structures are introduced for minors.
5. Stress tests for banks over economic risks
In early March 2026, the Central Bank of Nigeria directed commercial banks to conduct stress tests as part of efforts to monitor vulnerabilities within the banking sector.
The directive, which took effect from April 1, 2026, aligns with provisions of the Banks and Other Financial Institutions Act (BOFIA) 2020, which empowers the apex bank to ensure that financial institutions maintain adequate capital against potential risks.
Stress testing is a risk management exercise used to determine how banks would perform under severe economic conditions such as sharp inflation, foreign exchange volatility, recession, or a major market downturn. The process helps regulators identify weaknesses in banks’ balance sheets before broader financial instability emerges.
The move comes as regulators continue to monitor economic pressures affecting the Nigerian financial system, including inflationary trends, exchange-rate volatility, and rising credit risks across sectors.
For banks, the directive could lead to tighter capital management, more cautious lending practices, and increased focus on risk controls. For the broader economy, the policy is aimed at strengthening confidence in the stability of the banking sector and preventing systemic shocks.
4. Caps on bank charges, stricter transparency rules
On April 21, 2026, the Central Bank of Nigeria released a draft version of its revised “Guide to Charges by Banks and Other Financial Institutions, 2026,” introducing new fee caps and stricter disclosure requirements across the banking sector.
One of the major highlights of the proposed framework is the introduction of structured limits on electronic transfer charges. Under the proposal, transfers below N5,000 would remain free, transfers between N5,000 and N50,000 would attract a maximum fee of N10, while transactions above N50,000 would be capped at N50.
The proposed guideline also standardises ATM withdrawal charges. Customers withdrawing cash from another bank’s on-site ATM would pay N100 per N20,000 withdrawal, while off-site ATM withdrawals could attract an additional surcharge of up to N500. Merchant service charges were also capped at 0.5% per transaction, subject to a maximum of N10,000.
The CBN said the proposed changes are aimed at improving transparency, reducing excessive banking charges, and lowering the cost of digital transactions in Nigeria.
3. Framework to tackle failed airtime, data, and payment transactions
In one of the more consumer-focused regulatory moves this year, the Central Bank of Nigeria and the Nigerian Communications Commission jointly introduced a framework aimed at addressing failed airtime, data, and digital payment transactions.
The framework was initially released as an exposure draft on February 5, 2026, before being formally signed on April 20, 2026. The policy is designed to ensure faster refunds and improve accountability among banks, fintech companies, telecom operators, and payment service providers.
Under the arrangement, failed airtime purchases, data transactions, and certain payment failures are expected to trigger automatic refund processes within specified timelines. The regulators also proposed a joint monitoring framework to track failures, reversals, and compliance levels across operators.
The move comes amid rising consumer complaints over failed transactions, delayed reversals, and difficulties obtaining refunds from banks and telecom providers.
2. PTA, BTA rules revised
A few days ago, the Central Bank of Nigeria revised its guidelines on Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), allowing 25% of approved foreign exchange disbursements to be paid in cash.
Under the revised framework, the remaining 75% of PTA and BTA disbursements must be processed electronically. According to the apex bank, the adjustment was introduced to align travel allowance disbursement procedures with recently updated Bureau De Change (BDC) guidelines.
The CBN said the move is aimed at reducing operational bottlenecks while improving efficiency for authorised dealers, businesses, and other foreign exchange market participants.
The revision also reflects ongoing efforts by the regulator to balance cash accessibility with broader digital transaction objectives within Nigeria’s foreign exchange market.
For travellers and businesses, the policy offers greater flexibility in accessing foreign currency for overseas transactions. For banks and BDC operators, it means adjustments to operational processes and compliance procedures relating to FX disbursement and reporting.
1. FX Manual updated
The Central Bank of Nigeria also launched the fourth edition of its Foreign Exchange (FX) Manual as part of ongoing reforms aimed at improving transparency, efficiency, and confidence within Nigeria’s foreign exchange market.
One of the key revisions in the updated manual is the increase in allowable advance payment for imports from 15% to 30%, giving businesses greater flexibility in managing international trade transactions.
The revised manual also introduced free processing for Form NXP, alongside provisions covering service exports, PAPSS transactions, remittances by technology companies, and non-resident investment accounts. In addition, tuition fee payments of up to $25,000 per semester are now permitted under the revised rules.
The framework further allows export proceeds holders and domiciliary account holders broader access to foreign currency while removing Form A requirements for domiciliary remittances.
For businesses, importers, exporters, and investors, the revised FX Manual could improve access to foreign exchange and simplify cross-border transaction processes. For the broader market, the move is part of the CBN’s wider effort to deepen liquidity, improve transparency, and rebuild confidence in Nigeria’s foreign exchange system.
Azubuike is a human interest journalist based in Lagos, Nigeria.
