The Central Bank of Nigeria states that its $50 fee is for processing Bank Verification Number for Nigerians living overseas.

In a statement, the apex bank affirmed that no hidden fees have been introduced. It stated that the BVN enrolment for Nigerians residing within the country remained entirely free of charge.

According to her, the fee referenced in the reports applies solely to the recently launched Non-Resident BVN initiative, a service designed specifically for Nigerians living in the diaspora.

“The nominal charge of approximately $50 is not a fee for obtaining a BVN but a recoverable processing cost for remote biometric and due diligence verification.

“This cost covers secure identity authentication, data handling and technology infrastructure required to support the overseas enrolment process.

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

It added that the NRBVN system was a voluntary, secure and convenient solution for Nigerians in the diaspora.

The CBN spokesperson described the reports circulating on social media as inaccurate and misleading, suggesting the imposition of new or excessive charges on Nigerians, and advised that they should be disregarded.

“The NRBVN is more than just a one-time initiative; it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.

“The platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), marks a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely.

“With this system, Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions,” it said.

CBN explained that the NRBVN solution would eliminate barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.

It urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.

(NAN)