The Central Bank of Nigeria (CBN) has responded to public concerns regarding the newly launched Non-Resident Bank Verification Number (NRBVN) platform, assuring Nigerians that there are no hidden charges associated with the initiative.

 

Speaking in Abuja, the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, emphasized that BVN enrolment remains completely free for Nigerians residing within the country. She clarified that the recently reported $50 fee applies only to Nigerians living abroad who opt to register via the NRBVN platform.

 

According to Mrs. Sidi Ali, the $50 fee is not a charge for obtaining a BVN itself but rather a recoverable processing fee that covers the cost of remote biometric enrolment, identity verification, and supporting technological infrastructure.

 

“This fee is strictly to cover the expenses of remote verification and due diligence,” she said. “Previously, Nigerians in the diaspora paid as much as $200 for this process. The current fee is a significant reduction aimed at making it more accessible.”

 

She further explained that the NRBVN system is voluntary and designed to offer a secure and convenient way for Nigerians abroad to obtain a BVN without needing to travel back to Nigeria.

 

Mrs. Sidi Ali also dismissed circulating social media claims suggesting hidden or excessive charges, describing them as misleading and inaccurate. She advised the public to rely only on official CBN and Nigeria Inter-Bank Settlement System (NIBSS) sources for accurate information.

 

The NRBVN platform, developed in partnership with NIBSS, is a major part of the CBN’s digital financial inclusion strategy. It enables Nigerians abroad to access banking services, supports secure digital identity management, and eliminates the need for physical presence at Nigerian bank branches.