The Central Bank of Nigeria (CBN) has dismissed reports suggesting that Nigerians living abroad are being charged $50 to obtain a Bank Verification Number (BVN).
In a statement, the Acting Director of Corporate Communications, Hakama Ali, clarified that the $50 fee referenced in some reports is not a charge for acquiring the BVN itself, but rather a recoverable processing cost.
“There are no hidden fees attached to the new Non-Resident Bank Verification Number (NRBVN) system,” Ali said.
“Nigerians in the diaspora previously paid as much as $200. The $50 charge currently being applied is strictly for remote biometric verification and data processing, not for the BVN.”
She explained that the fee covers the cost of identity authentication, secure data protection, and the advanced technology infrastructure used to facilitate seamless remote enrolment.
Ali stressed that participation in the NRBVN programme is entirely optional and was introduced to make financial access more convenient and secure for Nigerians living outside the country.
Describing earlier media reports on the issue as “inaccurate and misleading,” Ali urged the public to disregard misinformation and rely on official channels for updates.
She added that the NRBVN system plays a critical role in CBN’s ongoing digital transformation efforts aimed at enhancing global access to banking services for all Nigerians.
