Economy
CBN sets 18 as minimum age for BVN registration
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The Central Bank of Nigeria (CBN) has set 18 years as the minimum age for Bank Verification Number (BVN) registration, as part of new measures aimed at strengthening identity verification and improving security in the Nigerian banking system.
The directive forms part of a set of circulars issued by the apex bank to banks, other financial institutions and payment service providers on March 12, 2026.
Under the new rule, only individuals who are 18 years and above will be allowed to enrol for a BVN. The CBN said the decision is intended to strengthen customer identification processes and reduce the risk of misuse of bank accounts for fraudulent activities.
The bank also introduced new controls within the BVN system to tighten monitoring of suspicious financial transactions across the banking industry.
According to the circular, financial institutions are now required to create a temporary watchlist for BVNs linked to suspected fraudulent transactions. A BVN may remain on the watchlist for a period of up to 24 hours while the affected customer is contacted to clarify the transaction in question.
The CBN explained that the measure will allow banks respond quickly to suspicious activities while still giving customers the opportunity to explain legitimate transactions.
In another change to BVN operations, the apex bank placed restrictions on modifications to phone numbers linked to BVN records.
Under the new directive, customers will only be allowed to change the phone number associated with their BVN once. The CBN said the measure is intended to prevent fraudsters from repeatedly altering phone numbers in order to bypass security checks.
The bank also stated that access to the BVN database will remain strictly limited to financial institutions licensed by the regulator. However, the CBN noted that it may grant access in special circumstances in accordance with existing laws. The new BVN rules are scheduled to take effect from May 1, 2026.
Alongside the BVN reforms, the apex bank also introduced new security measures for instant payment services used for electronic money transfers across Nigerian banks.
The CBN directed all financial institutions offering instant payment services to introduce additional safety features that will allow customers control how their accounts are used for electronic transfers.
Under the new arrangement, customers will be able to voluntarily opt out of instant transfer services if they wish to temporarily stop online transfers from their accounts.
The CBN said once the opt-out option is activated, the customer will not be able to carry out electronic transfers either within the same bank or to other banks.
However, the account holder will still be able to visit a bank branch physically to carry out a transfer.
The apex bank explained that the opt-in and opt-out process must be protected by multi-factor authentication to ensure that only the account owner can activate the feature.
Customers will also be allowed to set their own transfer limits for instant payments. While the existing maximum limits of N25 million for individuals and N250 million for corporate accounts remain unchanged, customers may decide to set lower limits to reduce their exposure to fraud.
According to the circular, any change to transaction limits must pass through enhanced verification procedures and risk assessment by the financial institution.
The CBN also instructed banks to deploy enterprise fraud monitoring systems capable of tracking both incoming and outgoing transactions in real time to detect suspicious activities quickly.
In addition, banks must strengthen identity checks when customers open accounts online or attempt to reactivate inactive accounts.
The apex bank said accounts opened online must undergo liveliness checks, while customer details must be validated immediately against the BVN and National Identity Number databases.
Enhanced authentication tools such as biometric verification, soft tokens and hard tokens are also expected to be used during online account reactivation. The regulator further directed banks to tighten security around mobile banking applications.
Under the new rules, a mobile banking app will only be allowed to operate on one device at a time, meaning customers will not be able to use the same banking application simultaneously on multiple phones.
When a customer switches to a new device, the application will require fresh authentication before it becomes active.
The CBN also introduced temporary transaction limits for newly activated mobile banking applications.
For the first 24 hours after activation, the maximum amount that can be transferred will not exceed N20,000, whether the account is new or an existing account being accessed on a new device.
Similarly, customers accessing internet banking on a new device for the first time will be required to complete additional authentication steps. The instant payment rules will take effect from July 1, 2026.
In a separate circular, the CBN also reviewed guidelines on the management of dormant bank accounts and unclaimed balances in the banking sector.
The apex bank said banks will now be allowed to accept requests for the reactivation of dormant accounts through alternative channels instead of insisting only on physical visits to bank branches.
Financial institutions may adopt these alternative channels provided they put in place strong identity verification measures to ensure that the request is coming from the rightful account owner.
The CBN also removed the requirement for customers to provide an affidavit when reactivating dormant accounts, provided the funds in the account have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.
However, the bank clarified that affidavits will still be required when customers are reclaiming funds that have already been transferred to the trust fund pool account.
The regulator also directed banks and other financial institutions to improve transparency by publishing information about dormant accounts and unclaimed balances.
Under the directive, banks must display certain details on their official websites, including the name of the account holder, the type of account, the name of the bank and the branch where the account is domiciled.
Financial institutions without operational websites are expected to publish the information on the websites of their industry associations.
Banks are also required to publish the list of dormant accounts once every year in at least two national daily newspapers.
Where the list is very long, the CBN said the bank may publish a short notice directing customers to a section of its website where the full details are available.
State and unit microfinance banks are not required to publish the information in newspapers but must display the details at their business locations.
The apex bank explained that the publication of such information does not violate the Nigeria Data Protection Act 2023 because the law allows personal data to be processed when it is necessary to comply with legal obligations.
The CBN added that its authority to issue the directive is supported by provisions of the Banks and Other Financial Institutions Act 2020, which empowers the regulator to issue guidelines on the management of unclaimed funds held by financial institutions.
The circular on dormant accounts takes immediate effect and replaces an earlier directive issued in February 2025.
Nigeria’s pension assets have risen by 51 per cent over the past two years, from N 20. 7 trillion to N 31. 48 trillion, while nearly one million new contributors have joined the Contributory Pension Scheme, Omolola Oloworaran, Director- General of the National Pension Commission (PenCom), said on Tuesday.
Oloworaran attributed the growth to renewed public confidence in the nation’s pension system, saying reforms introduced by the President Bola Tinubu administration had strengthened the industry’s credibility and expanded participation.
She disclosed this while briefing journalists at the Meet the Press session organised by the Presidential Communications Team at the Presidential Villa, Abuja.
According to her, pension assets increased by N 10. 7 trillion over the period, reflecting what she described as restored trust in the system.
“Every successful pension system on Earth is built on a simple foundation: confidence—confidence that contributions are safe, confidence that institutions work, confidence that after decades of honest labour, retirement will bring security, not uncertainty. Two years ago, that confidence needed restoring. Today, the verdict is in.
“Pension assets have grown from N 20. 7tn to N 31. 48tn as at this month. That is a 51 per cent increase, representing N 10. 7tn in new retirement wealth.
“Let me say plainly what those numbers mean: confidence is back, and the system is growing,” she said.
The PenCom boss noted that the growth was driven not only by improved investment performance but also by increased enrolment, with 938, 938,229 new contributors joining the Contributory Pension Scheme over the past 24 months.
She said the commission had also prioritised translating the growth in pension assets into improved welfare for retirees.
According to Oloworaran, aggregate monthly pension payments have risen by 22 per cent, increasing from N 12. 2 billion to N 14. 9 billion.
She further disclosed that following the implementation of the new national minimum wage, the Federal Government approved a N 32, 000 monthly consequential pension adjustment for eligible retirees of treasury- funded Ministries, Departments and Agencies who retired on or before July 29, 2024.
She said more than 195, 195,000 pensioners have already benefited from the upward review, describing it as part of the administration’s commitment to improving the welfare of retired public servants.
The Black Market Dollar-to-Naira Exchange Rate for 14th July 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 14th July 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1425 and buy at ₦1410 on Tuesday, 14th July, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1425
Buying Rate ₦1410
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1381
Lowest Rate ₦1378
Nigeria’s crude oil production has climbed to its highest level in more than six years, with the country exceeding its Organisation of the Petroleum Exporting Countries production quota for the fourth consecutive month, buoyed by improved operational stability and fewer disruptions to oil infrastructure.
Latest figures released on Sunday in Abuja by the Nigerian Upstream Petroleum Regulatory Commission showed that the country’s average crude oil production rose to 1.56 million barrels per day in June 2026, while condensate output stood at 0.18 million barrels per day, bringing total crude oil and condensate production to 1,735,398 barrels per day.
The production level represents 104 per cent of Nigeria’s 1.5 million barrels per day crude oil production quota approved by OPEC and marks the country’s highest crude oil output since April 2020, making it a 74-month high.
The figures, contained in the commission’s latest production report and conveyed in a statement issued by its Head of Media and Corporate Communications, Eniola Akinkuotu, showed that June also marked the fourth consecutive month of production growth, reinforcing the recovery of Nigeria’s upstream oil sector after years of production losses caused by crude theft, pipeline vandalism and operational disruptions.
The statement read, “Nigeria’s crude oil and condensate production soared to an average of 1,735,398 barrels per day in the month of June 2026, representing positive growth for a 4th consecutive month. In the month under review, crude oil production hit 1.56mbpd while 0.18mbpd of condensates was produced. This means Nigeria met 104 per cent of the 1.5mbpd crude oil production quota set by the Organisation of Petroleum Exporting Countries.”
According to the commission, total crude oil and condensate production increased from 1.700 million barrels per day recorded in May to 1.735 million barrels per day in June, representing a 2.2 per cent month-on-month increase.
The report showed that combined production had earlier stood at 1.483 million barrels per day in February before rising steadily to 1.564 million barrels per day in March, 1.663 million barrels per day in April, 1.701 million barrels per day in May and 1.735 million barrels per day in June.
The NUPRC attributed the improved performance to stable production activities across major oil-producing assets and the absence of significant pipeline outages during the review period.
“The improved performance was primarily driven by stable production operations across most producing assets and the absence of any major pipeline outages during the period under review.
“This enhanced operational stability supported improved production uptime and crude evacuation efficiency. Although a limited number of assets experienced short-duration operational shutdowns, the overall impact on national production was minimal.
“In addition, scheduled turnaround maintenance activities were effectively managed and completed without significant disruption to production operations.
“The sustained growth recorded in June reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector,” the statement added.
The commission also disclosed that Nigeria’s highest daily combined crude oil and condensate production during the month reached 1.89 million barrels per day, while the lowest daily production stood at 1.57 million barrels per day.
The peak production level underscores Nigeria’s growing potential to achieve the Federal Government’s medium-term ambition of producing two million barrels of oil per day, a target that has remained elusive for years due to insecurity in oil-producing communities, crude theft and ageing infrastructure.
An analysis of production by export terminals showed that Bonny Terminal retained its position as Nigeria’s highest-producing terminal, recording an average daily production of 318,280 barrels, compared with 293,880 barrels in May.
Forcados Terminal ranked second with 306,360 barrels per day, up from 289,900 barrels recorded in the previous month.
However, production at Qua Iboe Terminal declined to 164,730 barrels per day from 173,360 barrels per day in May.
Similarly, Escravos Terminal recorded a slight increase to 138,030 barrels per day, compared with 135,470 barrels per day in the previous month, while Bonga Terminal maintained steady output, producing 103,660 barrels per day, slightly above the 102,540 barrels per day recorded in May.
The sustained production growth is expected to strengthen Nigeria’s oil export earnings, improve foreign exchange inflows and provide additional fiscal revenues for the Federal Government at a time authorities are seeking to increase crude output and attract fresh investment into the upstream sector.
Nigeria has struggled in recent years to meet its OPEC production allocation because of widespread crude oil theft, pipeline vandalism, underinvestment and prolonged operational challenges.
However, reforms introduced under the Petroleum Industry Act, enhanced security around critical oil infrastructure and closer collaboration between government agencies and oil producers have contributed to the gradual recovery in production.
Maintaining production above the OPEC quota and sustaining operational stability will be critical if Nigeria is to realise its target of producing two million barrels per day and maximise the benefits of favourable global oil market conditions.
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