The Digest:
The Central Bank of Nigeria (CBN) has moved to clarify confusion surrounding Bank Verification Number (BVN) charges, confirming that BVN enrolment for Nigerians in-country remains entirely free. The apex bank, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the only fee ($50) applies to the new Non-Resident Bank Verification Number (NRBVN) system for Nigerians in the Diaspora.
Key Points:
Sources: Nairametrics, Central Bank of Nigeria (CBN)
The Central Bank of Nigeria (CBN) has moved to clarify confusion surrounding Bank Verification Number (BVN) charges, confirming that BVN enrolment for Nigerians in-country remains entirely free. The apex bank, through its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the only fee ($50) applies to the new Non-Resident Bank Verification Number (NRBVN) system for Nigerians in the Diaspora.
Key Points:
- CBN clarifies that BVN enrolment for Nigerians in-country is free
- Rumours of new BVN charges on social media were dispelled.
- A $50 nominal charge applies only to the Non-Resident BVN (NRBVN) system.
- The NRBVN fee covers remote biometric verification and data handling for overseas enrolment.
- This new NRBVN system significantly reduces costs for diaspora Nigerians (previously up to $200).
- NRBVN is a voluntary service for Nigerians abroad to access local banking.
- The platform was launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS).
Sources: Nairametrics, Central Bank of Nigeria (CBN)
