CBN Extends BVN for Diaspora Bank Customers

Bank Verification Number

The Central Bank of Nigeria (CBN) has extended the bank verification number (BVN) enrollment for Nigerian bank customers in the Diaspora to June 30, 2016.

The central bank stated this in a letter addressed to all commercial banks that was posted on its website on Wednesday.

According to the apex bank, the decision to extend the BVN enrollment was taken after it observed through a survey, the low percentage of registeration of Nigerian bank customers in the diaspora. This, it attributed to lack of accessibility to registration centres and unavailability of registeration centres in some cities where Nigerian population is high.

It explained: “You will recall that as part of efforts towards ensuring full implementation of the BVN project, the CBN issued a circular extending the deadline for the registration and linkage of BVN to accounts of Nigerian banks’ customers in diaspora to January 31, 2016.

“The CBN has observed, through a recent survey, the low percentage of registeration of Nigerian banks’ customers in diaspora, which may be attributed to lack of accessibility to registeration centres and unavailability of registration centres centres in some cities where Nigerian population is high.

“Consequently, all deposit money banks are hereby requested to note that BVN enrollment for Nigerian banks’ in diaspora is hereby extended to 30th June, 2016. This is to enable such customers complete the enrollment and link the BVN to their bank accounts.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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