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CBN RESTRICTION OF BVN MODIFICATIONS AND ITS IMPLICATIONS UNDER THE NIGERIA DATA PROTECTION ACT 2023 | Lydia E. Ohonsi, Esq.

CBN RESTRICTION OF BVN MODIFICATIONS AND ITS IMPLICATIONS UNDER THE NIGERIA DATA PROTECTION ACT 2023 | Lydia E. Ohonsi, Esq.

Clementina Egwolomena Ukiri Esq. - 4:56 AM

Legal expert Lydia Ehisuoria Ohonsi, Esq., has released a critical analysis regarding the Central Bank of Nigeria’s (CBN) recent Addendum to the BVN regulatory framework, warning of significant compliance risks under the Nigeria Data Protection Act 2023 (NDPA). ​The analysis examines the CBN’s directive, issued on 12 March 2026 and effective from 1 May 2026, which introduces sweeping changes to how Bank Verification Numbers (BVN) are managed in Nigeria. ​Key Modifications to the BVN Framework ​The CBN Addendum introduces four substantive c…