CBN clarifies $50 non-resident BVN charge

The Central Bank of Nigeria (CBN) has clarified that Nigerians living in the country are not required to pay any fees to obtain a Bank Verification Number (BVN), following public concern over reports of fresh charges.

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The clarification comes after online reports suggested that the central bank had introduced new or hidden fees for BVN registration. The CBN said such claims were misleading.

In a statement issued on Sunday, Hakama Sidi-Ali, acting director of corporate communications at the CBN, said the $50 charge mentioned in some reports applies only to Nigerians in the diaspora who enrol for the recently launched Non-Resident Bank Verification Number (NRBVN).

She explained that the charge is not a fee for the BVN itself, but a processing cost that covers biometric data capture, identity verification, and secure technology infrastructure needed for remote enrolment.

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“Nigerians in the diaspora previously paid $200,” Mrs Sidi-Ali said. “The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself.”

The NRBVN, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians abroad to obtain a BVN without visiting Nigeria or designated centres physically. The central bank said the platform offers a more secure, convenient and affordable option for remote registration.

She said the NRBVN is a voluntary initiative designed to ease access to banking services for Nigerians abroad, and forms part of the CBN’s broader strategy to expand digital financial services globally.

She advised the public to disregard inaccurate reports circulating on social media and to confirm any information through official CBN or NIBSS channels.

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Since its introduction, the platform has been seen as a tool to strengthen formal remittance inflows, a major source of foreign exchange for Nigeria.

Official data show that personal remittances rose to $20.93 billion in 2024, an 8.9 per cent increase from the previous year. This marked a sharp recovery from the deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, as the CBN ramped up efforts to channel more inflows through formal systems.

The bank has set an ambitious target of attracting at least $1 billion in remittances monthly, with initiatives like the NRBVN expected to play a central role.

By allowing Nigerians abroad to link their identities to financial transactions seamlessly, the NRBVN aims to strengthen financial integrity while supporting economic growth.