The Central Bank of Nigeria (CBN) has refuted viral claims suggesting that Nigerians must now pay to obtain their Bank Verification Number (BVN) locally.
The apex bank described the reports as false and misleading.
The CBN clarified that BVN enrolment for Nigerians residing within the country remains completely free.
This clarification follows confusion stirred by the recent launch of the Non-Resident BVN (NRBVN) platform, which targets Nigerians living abroad.
₦-Free Enrolment for Nigerians at Home
In a statement issued on Monday, the CBN’s Acting Director of Corporate Communications, Hakama Ali, said the new $50 fee does not apply to Nigerians enrolling locally.
“Nigerians in the diaspora previously paid $200. The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” she explained.
Ali assured Nigerians that there is no hidden charge for BVN enrolment inside the country, calling social media claims on the issue “inaccurate and misleading.”
She encouraged the public to verify all BVN-related information via official channels of the CBN or the Nigeria Inter-Bank Settlement System (NIBSS).
A New System for Nigerians Abroad
The CBN said the NRBVN was introduced to help Nigerians in the diaspora access Nigerian banking services securely—without needing to return home for biometric registration.
“The NRBVN is a voluntary, secure, and convenient solution for Nigerians in the diaspora,” Ali noted. “The cost covers remote biometric verification, identity authentication, and the technological infrastructure needed to support enrolment from outside the country.”
The NRBVN platform was developed in collaboration with NIBSS, which oversees interbank transfers and banking technology infrastructure in Nigeria.
According to the CBN, the $50 fee is simply a “recoverable processing cost” meant to cover logistics, infrastructure, and service delivery—not an additional tax or fee for the BVN itself.
Part of CBN’s Digital Push
Ali added that the NRBVN is not a one-off convenience but an important part of the bank’s broader strategy to digitalize and simplify access to banking for Nigerians everywhere.
“The NRBVN forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally,” she said.
The platform is expected to make it easier for Nigerian citizens living abroad to open and operate accounts in Nigerian banks, access credit, and participate in fintech services with proper identification.
Rate, Like 👍, Comment💬, share this article, Follow us on our social media handles, and Submit your own story to get featured and earn rewards!
WhatsApp Channel
Telegram Channel
