Three terms come up whenever you open an account in Nigeria, and the difference between them is genuinely not obvious.
BVN
Your Bank Verification Number is 11 digits, issued once, and shared across every bank you use. It ties your fingerprints and your face to your name so that one person cannot pretend to be two. You get it once, at any bank, and it never changes. Dial *565*0# to see yours.
NIN
Your National Identification Number is also 11 digits and is issued by NIMC. It is national identity rather than banking identity — it is what your passport and your SIM are tied to. Some account types need it, some need only the BVN.
Account tiers
The CBN sets three tiers based on how much identification you have given. More identification means higher limits, because the bank can be more certain who you are.
| Tier | What you provide | Maximum balance | Daily transaction limit |
|---|---|---|---|
| Tier 1 | Name, phone number, photo | ₦300,000 | ₦50,000 |
| Tier 2 | The above plus BVN and a valid ID | ₦500,000 | ₦200,000 |
| Tier 3 | The above plus proof of address | No limit | No limit |