Central Bank of Nigeria sets strict BVN match rule for P2P crypto transfers

The Central Bank of Nigeria (CBN) has introduced a stringent requirement for peer-to-peer (P2P) cryptocurrency transactions on platform-based services. According to Section 10.3.3 of its November 2026 Regulations for the Operations of Non-Security Virtual Assets in Nigeria, platforms must ensure that the naira account name and Bank Verification Number (BVN) exactly match the verified customer before releasing or crediting regulated tokens, including stablecoins. The regulation focuses on services facilitated by platforms, covering activities like matching buyers and sellers, order display, escrow, payment assistance, settlement, checks, and dispute resolution. The rules apply to regulated tokens in exchange for naira or other permitted values. Transactions carried out between two individuals without platform assistance are not subject to this section.

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