The Central Bank of Nigeria (CBN) has explained that there are no hidden charges in acquiring the new Non-Resident Bank Verification Number (NRBVN) by Nigerians in the diaspora.
The bank explained that there are no hidden fees and that enrolling for a BVN (Bank Verification Number) for those living in Nigeria is completely free.
During a press conference in Abuja, the CBN acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the fees mentioned in some news sources apply only to Nigerians living outside the country who want to sign up through the NRBVN.
She said that the fee, which is around $50, is not for getting a BVN itself, but a fee to help cover the costs of verifying identity and ensuring everything is secure when enrolling from abroad.
Mrs. Sidi Ali noted that the fee is lower than what Nigerians abroad pay, which was as high as $200 for the same service.
The aim of the reduced fee, she said, is to make the process easier and more accessible for Nigerians living in other countries.
She emphasized that “the $50 fee is only for processing remote verification, not for the BVN itself.”
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The NRBVN system is a voluntary service designed to be secure and convenient for Nigerians living overseas.
She said reports spreading on social media suggesting that there are new or excessive charges are misleading, and urged the public to ignore such claims.
The NRBVN initiative is a key part of the CBN’s strategy to improve digital banking services for Nigerians all over the globe.
“Developed with assistance from the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN platform allows Nigerians living outside Nigeria to get their BVN without having to physically go to a bank branch in the country.
“The online system makes it easier for them to access banking services, while saving on travel costs and ensuring secure transactions that meet international standards,” she explained.
Mrs. Sidi Ali encouraged everyone to get accurate information about the NRBVN program only from official CBN and NIBSS channels.
