The Central Bank of Nigeria (CBN) has clarified that there are no hidden charges associated with the recently launched non-resident bank verification number (NRBVN) platform.
Launched on May 13 in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN is meant to ease access to financial services for Nigerians abroad.
According to Hakama Sidi-Ali, acting director of corporate communications at the CBN, BVN enrolment for residents remains free, while the $50 fee applies only to Nigerians in the diaspora.
“The nominal charge of approximately 50 dollars is not a fee for obtaining a BVN, but a recoverable processing cost for remote biometric and due diligence verification,” she said.
She added that the NRBVN is voluntary, secure, and replaces the previous $200 charge.
Sidi-Ali dismissed viral claims of hidden fees as “inaccurate and misleading,” urging the public to verify information through official CBN and NIBSS channels.