How Nigerians Abroad Can Open Bank Accounts with CBN’s Non-Resident BVN
For many Nigerians living abroad, opening a bank account in Nigeria has long been a frustrating process. Lengthy forms, repeated correspondence, and the requirement to appear in person often discouraged potential account holders.
This is now changing.
Nigerians living abroad can now open bank accounts in Nigeria through the Central Bank of Nigeria’s Non-Resident BVN (NRBVN) policy. This initiative allows eligible citizens to obtain a Bank Verification Number without visiting Nigeria, enabling them to access banking services remotely. Applicants submit identification and documentation online through approved Nigerian banks, making the process faster, more convenient, and compliant with CBN regulations.
What Is a BVN—and Why Does It Matter?
The Bank Verification Number (BVN), introduced in 2014, assigns every bank customer a unique biometric identity. This number links all accounts belonging to an individual across different banks, improving security and reducing fraud.
Until recently, obtaining a BVN from outside Nigeria was a major obstacle. The mandatory in-person verification meant that many Nigerians abroad either incurred significant travel costs or abandoned the process altogether.
The NRBVN changes this. Nigerians abroad can now obtain a BVN remotely through secure digital verification. Once a BVN is issued, account holders can open a Nigerian bank account online or through diaspora-focused banking services—without the need to travel to Nigeria. This provides not only easier account access but also safer remittances and closer financial integration with the Nigerian economy.
The BVN Surge in Numbers
BVN registrations in Nigeria have maintained a steady upward trend, driven in part by new policies targeting the diaspora. Recent data shows consistent growth over the past four years:
BVN Registration in Nigeria (2021-Jul 2025)
CBN Governor Olayemi Cardoso attributes the recent boost partly to the NRBVN, alongside foreign exchange market reforms and strengthened partnerships with International Money Transfer Operators (IMTOs).
Why the Policy Is Significant
Three key factors make this policy important:
Expanded Financial Inclusion for Nigerians Abroad: Over 1.24 million Nigerians live in other African countries alone. The NRBVN offers them an efficient way to participate in Nigeria’s formal banking sector without expensive trips home.
Increased and More Secure Remittance Flows: Remittances are a critical source of household income and a driver of economic growth—often surpassing foreign aid and direct investment. By simplifying the process for using official remittance channels, the NRBVN builds trust and encourages higher volumes.
Broader Investment Access for the Diaspora: With a BVN, Nigerians abroad can now access financial products such as mortgages, pensions, and investment accounts in Nigeria, with the ability to repatriate funds under existing regulations.
The Numbers Behind Remittance Growth
The CBN’s reforms are clearly visible in remittance figures. IMTO inflows reached $4.76 billion in 2024, a 44.5% increase from $3.3 billion in 2023. Highlights include:
July 2024: $552.94m (up 130% YoY)
August 2024: $585.21m (up 116% YoY)
Cardoso has set a target of $1 billion in monthly inflows, a milestone that could strengthen Nigeria’s foreign exchange reserves and liquidity.
What This Means for You
If You Live Abroad: You can now open a Nigerian bank account, invest, and send funds without physically visiting Nigeria.
If You Live in Nigeria: Expect increased foreign investment inflows, more banking options, and potentially greater foreign exchange stability.
For the Economy: Higher formal remittance volumes can finance infrastructure, boost liquidity, and support the naira.
The NRBVN is more than a technical upgrade; it is part of a broader strategy to connect Nigeria’s economy with its global citizens. If implemented alongside transparent policies, reduced remittance costs, and attractive investment options, it could rank among the most impactful CBN reforms in recent years.
At PariVest, we analyse how such policies shape financial opportunities. Whether you are investing from Lagos or London, our insights help you make informed decisions.
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