The Central Bank of Nigeria (CBN) has explained that there are no new or hidden charges for Nigerians enrolling for Bank Verification Numbers (BVN) within the country.
The clarification comes in response to recent social media reports suggesting otherwise.
According to the Acting Director of Corporate Communications at the CBN, Hakama Ali, the fee being discussed only applies to the newly introduced Non-Resident BVN (NRBVN), which is specifically designed for Nigerians living abroad.
She stated that the $50 fee is not a charge for obtaining a BVN itself, but rather a processing fee meant to cover the cost of remote biometric verification, secure data handling, and other necessary infrastructure.
Previously, Nigerians in the diaspora paid as much as $200 for this service.
The new fee is significantly lower and, according to the CBN, is a voluntary payment tied to the remote enrolment process.
Ali urged the public to ignore misleading reports online and verify all related information through official CBN or Nigeria Inter-Bank Settlement System (NIBSS) channels.
She added that the NRBVN platform, launched in partnership with NIBSS, is a major step in enabling Nigerians overseas to access banking services securely without travelling home.
