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The CBN’s once-per-lifetime BVN phone restriction closes a SIM-swap fraud window. For 68.59 million BVN holders who lose a SIM, change carriers, or upgrade, the circular does not say what happens.

Nigeria’s removal from the FATF grey list in October 2025 unlocked a capital flow argument. The IMF estimates grey-listing cost ~7.6% of GDP in capital inflows. Now the CBN is pushing to become Africa’s fintech regulatory standard-setter.