Forex Crisis: BDCs Seeks CBN Approval to Carry Out Online Dollar Operations, Receive Diaspora Remittances
The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank...
Central Bank of Nigeria (CBN)
FMDQ Changes “I&E FX Window” to “NAFEM”
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Petition On How Dangote Allegedly Siphoned 3.4Billion Dollars Forex Through CBN Submitted To Tinubu
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Group demands N2trn compensation from CBN over impacts of Naira redesign policy
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BVN Has No Expiry Date, CBN Clarifies
Samuel Mobolaji The Central Bank of Nigeria (CBN) says the bank verification number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System (NIBSS) does not have an expiry date. The apex bank, in a statement posted on its verified Twitter page on Thursday, debunked reports that the BVN expires after 10 years of issuance. The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual. To own and operate a banking account in Nigeria, you must first have a bank verification number. “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period,” the statement signed by Isa Abdulmumin, CBN spokesperson, reads. “Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life. “However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.” The CBN further urged bank customers, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.
