CBN Names Nigerians to Pay $50 for Non-Resident BVN Registration

CBN Names Nigerians to Pay $50 for Non-Resident BVN Registration

  • The CBN clarified that the $50 fee reported in some sources is a processing charge for remote verification of the Non-Resident Bank Verification Number
  • The NRBVN, developed with the help of NIBSS, enables Nigerians abroad to register for a BVN remotely, making banking services more accessible and efficient
  • She urged the public to verify information through official CBN or NIBSS channels, highlighting the platform's role in boosting remittance inflows

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Hakama Sidi-Ali, the CBN's acting director of corporate communications, clarified that the $50 fee reported in some sources is a processing charge for remote verification of the Non-Resident Bank Verification Number (NRBVN), not a payment for the BVN itself.

CBN Names Nigerians to Pay $50 for Non-Resident BVN Registration
The CBN clarified that the $50 fee reported in some sources is a processing charge for remote verification. Photo Credit: CBN
Source: Getty Images

The NRBVN, developed with the help of NIBSS, enables Nigerians abroad to register for a BVN remotely, making banking services more accessible and efficient. She urged the public to verify information through official CBN or NIBSS channels, highlighting the platform's role in boosting remittance inflows, which increased by eight point nine percent to $20.93 billion in 2024.

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Hakama Sidi-Ali, the CBN's acting director of corporate communications, said in a statement released on Sunday that the $50 fee cited in some reports only applies to Nigerians living abroad who apply for the newly introduced Non-Resident Bank Verification Number (NRBVN).

The payment is a processing expense that covers biometric data collection, identification verification, and secure technical infrastructure required for remote enrollment, she clarified, rather than a fee for the BVN itself.

“Nigerians in the diaspora previously paid $200,” Mrs Sidi-Ali said. “The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself.”

With the help of the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN was created to allow Nigerians living overseas to obtain a BVN without physically travelling to Nigeria or certain locations. According to the central bank, the platform provides a more cost-effective, practical, and safe alternative for remote registration.

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According to her, the CBN's larger plan to increase access to digital financial services internationally includes the NRBVN, a voluntary program created to make banking services easier for Nigerians living outside the country.

CBN Names Nigerians to Pay $50 for Non-Resident BVN Registration
The NRBVN was created to allow Nigerians living overseas to obtain a BVN. Photo Credit: CBN
Source: Getty Images

She also cautioned the public to verify any information via official CBN or NIBSS channels and to ignore false reports circulating on social media.

The website has been viewed since its launch as a means of bolstering official remittance inflows, which are a significant source of foreign cash for Nigeria. According to official figures, personal remittances increased by eight point nine percent from the previous year to $20.93 billion in 2024.

CBN introduces N80,000 charges to get BVN

Legit.ng reported that Diaspora Nigerians will now pay about $50, N80,000, to obtain their Non-Resident Bank Verification Number (NRBVN).

The Central Bank of Nigeria (CBN) launched the NRBVN platform recently in partnership with the Nigeria Inter-Bank Settlement System (NIBSS).

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The move was designed to simplify the process for Nigerians abroad to access BVN registration without visiting the country.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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