Newsexpress banner Camano banner
CBN clears the air on use of BVN for FOREX transactions

By News Express on 06/11/2015

Views: 2,582

The Central Bank of Nigeria (CBN) yesterday evening explained why it recently mandated all banks and licensed Bureaux de Change (BDCs) operating in the country to provide Bank Verification Numbers (BVN) as part of the requirement for the sale of foreign exchange to their customers.  The apex bank in a statement signed by its Director, Corporate Communications, Ibrahim Mu’azu, expressed displeasure about the reluctance of some customers in disclosing their BVN to authorised dealers and buyers because of claims that there are attendant risks to the disclosure.  

CBN made the following clarifications:

•The adoption of BVN as a condition for the purchase of FOREX is expected to reduce the incidence of multiple purchases, round tripping and illicit transfer of funds, facilitate enforcement of authorised limits of forex sales to end users, sanitise the retail segment of the market and engender policies that will facilitate better allocation of the FOREX, based on genuine demands.

•The BVN is neither a payment instrument nor an account number and therefore could not be used to access any account by unauthorised users. The banks, BDC operators and even regulators use the BVN to validate the identity of a customer using some biometric information such as finger prints and photograph obtained at the point of enrolment.

•The BVN provides the unique identity of each customer for the purpose of achieving effective “Know Your Customer” (KYC) principle and fraud prevention.

VFor the avoidance of doubt, the provision of BVN by customers at the point of FOREX purchase or for any legitimate banking transaction with any of the above named institutions does not attract any security risk. Rather it protects the customer against identify theft.

•Customers can easily get their BVN from the mobile phone number submitted during the enrolment by dialling *565*0#.

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

Posted 06/11/2015 03:49:29 AM





You may also like...
Lagos, USA collaborate to strengthen trade relations

Fayose emerges PDP Governors Forum Chairman

JAMB won’t interfere with 2016 admission, Registrar assures...

Killer diseases: NGO to offer free medical screening...

ICPC opens office at Oko Poly •The dog...

Ugwuanyi donates security vehicles to Nigerian Army •Outgoing...

Kogi APC members reject Governor-elect Yahaya Bello, insist...

Rights group wants end to judiciary strike, writes...

Coup in progress in Libya: Militias sack parliament,...

Mugabe boasts he will not step down, die...

Ayo takes over as Airtel Gabon Board Chairman...

Agriculture remains our high priority —Buhari


Latest News Jihadists kill Nigerian soldier, injure others Governors kick against LGs’ financial autonomy, write Buhari Ortom sanctions traditional ruler over threats to Cameroonian refugees Online Publishers faults attack on Delta Information Commissioner using the Forum’s programme “Frontline” Kidnappers kill Igbinedion University lecturer Students desert hostels in Imo over alleged police crackdown, extortion CAN Presidency: TEKAN leader joins race, says he is God’s choice •Set to slug it out with Ayokunle May 29: Ex-presidential aspirants, others threaten to boycott Buhari’s inauguration Boko Haram attacks Borno community, carts away food, provisions Nigerian doctor wins “Brain Tumor Research” award in U.S FG disburses N12.7bn to 3 health agencies Gov. Ajimobi restores 100 per cent state’s tertiary institutions’ subventions


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (480,289 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (419,491 views) Shameless Genevieve Nnaji exposes breasts in public (357,977 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (306,069 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,375 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,334 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,251 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (210,975 views) 10 cars more expensive than Jets (202,329 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,245 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,313 views) Lagos plane crash: Journalist releases victims’ names (181,261 views)


UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,268) Business Verdict (71) Columnists (1,031) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (613) Features (752) Global Business Monitor (362) ICT Monitor (43) International (3,462) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (268) News (46,321) Opinion (1,242) Pidgin (17) Politics (10,798) Religion (1,003) Sports (2,007) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera