The Central Bank of Nigeria (CBN) has clarified that no hidden charges have been introduced to the Bank Verification Number (BVN) system, following public speculation surrounding the newly launched Non-Resident BVN (NRBVN) platform for Nigerians living abroad.
In a statement issued on Monday, CBN Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, reaffirmed that BVN enrolment for residents within Nigeria remains entirely free of charge.
She noted that the $50 fee recently mentioned in media reports applies only to diaspora enrolment via the NRBVN platform and is not a charge for obtaining a BVN itself.
“The $50 is a recoverable processing fee, significantly lower than the $200 previously paid by Nigerians abroad,” Sidi Ali said. “It covers the cost of secure identity verification, biometric capture, data management, and remote technology infrastructure.”
The NRBVN initiative was launched to facilitate access to banking services for Nigerians in the Diaspora, allowing them to securely verify their identities and participate in the financial system from abroad.
The CBN urged the public to disregard misleading claims, reiterating its commitment to financial inclusion and transparency in all its operations.
