Banking and payments in Nigeria: an account with BVN, NIN and Tax ID
You open a Nigerian bank account with your ID, your fingerprints for the Bank Verification Number (BVN), and for most accounts also your NIN. The new tax law also makes a Tax ID a condition. Keep your Dutch account: your AOW and your pension are paid into it.
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You don't open a bank account in Nigeria with just your passport. The bank takes your fingerprints and photo for your Bank Verification Number (BVN), the number by which all Nigerian banks recognise you. Since December 2023, according to the Central Bank of Nigeria (CBN), most accounts must have a BVN and a NIN, the national identification number. And the Nigeria Tax Administration Act 2025 makes a Tax ID a condition for opening or continuing to use an account. So arrange those numbers before your bank visit.
What does the bank ask?
| What | What the source says | Source |
|---|---|---|
| ID | driving licence, international passport, national identity card or voter's card | CBN |
| BVN | enrol at a bank branch, fingerprints and photo; number within 24 hours by text message | CBN |
| NIN | mandatory alongside the BVN for Tier 2 and Tier 3 accounts; Tier 1 with BVN or NIN | CBN |
| Details when opening | the bank retrieves them electronically from the BVN or NIN databases | CBN |
| Tax ID | a condition for opening or using an account | Nigeria Tax Administration Act 2025, section 8 |
| Exchange rate | the CBN publishes the official naira-dollar rate daily | CBN |
What is the BVN, and how do you get one?
The BVN has existed since 14 February 2014. The CBN introduced it together with the banks, because there was no single number by which a customer was recognisable at all banks. You walk into a bank branch with a valid ID, fill in the enrolment form and have your fingerprints and a photo taken. Within 24 hours you get the number by text message. The bank then links it to all your accounts. According to the CBN, an account without a BVN counts as an account with incomplete customer details.
Why the NIN and the Tax ID as well?
In December 2023 the CBN required that accounts and wallets in the higher tiers, Tier 2 and Tier 3, have both a BVN and a NIN. The lowest tier needs one of the two. When opening, the bank retrieves your details electronically from those databases, and those details form the basis of your customer file. The NIMC also names opening and using a bank account as something you need the NIN for.
Since 1 January 2026 the Tax ID has been added. Section 8(2) of the Nigeria Tax Administration Act 2025 obliges banks to ask for a Tax ID "for opening any account or operating an exiting account". How to get those numbers is in registration and numbers in Nigeria.
If you are a foreigner, according to the immigration service your CERPAC is also an identity document. Ask your bank which combination of papers it wants to see for someone with a CERPAC.
Are you Nigerian and still living in the Netherlands?
Then an account is possible even before the move. On 10 January 2025 the CBN announced a Non-Resident Nigerian Ordinary Account and a Non-Resident Nigerian Investment Account, for Nigerians abroad. We could not read the conditions in that circular: the CBN's PDFs refuse automated requests. Ask your bank about the requirements.
Keep your Dutch bank account: your AOW and your pension are paid into it. Ask your bank beforehand whether your account stays open if you live outside the EU; outside it, that depends on the bank. See keeping your bank account and DigiD.
What do you watch out for when paying?
The CBN publishes the official exchange rate of the naira against the dollar every day, the NFEM rate. Check it before you exchange or transfer money, and compare it with what your bank charges. NederlandWereldwijd also warns of a lot of crime throughout Nigeria, and of romance scams: someone building a relationship to take your money. Never transfer money to someone you only know online, not even for a "visa" or a "permit". The order for the first weeks is in the first weeks in Nigeria and in the plan for Nigeria.
In Vertrekklaar this is phase 5 of 5 of the journey, step 5.5: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Nigeria or go straight to step 5.5 in the open plan.
What this rests on
The facts in this article come from these official pages. Rules change. When in doubt, go by the source, not this article.
- Central Bank of Nigeria — the Bank Verification Number, and BVN and NIN for Tier 2 and Tier 3 accounts since December 2023 — cbn.gov.ng
- Central Bank of Nigeria — list of circulars, with the non-resident accounts for Nigerians abroad (10 January 2025) — cbn.gov.ng
- Central Bank of Nigeria — the official exchange rate of the day (NFEM) — cbn.gov.ng
- NIMC — Diaspora Services Fact Sheet, the NIN needed for a bank account — nimc.gov.ng
- Nigeria Tax Administration Act 2025, section 8(2) — the Tax ID as a condition for an account (via LIRS) — lirs.gov.ng
- NederlandWereldwijd — travel advice for Nigeria, crime and romance scams (changed 6 July 2026) — nederlandwereldwijd.nl
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