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The Central Bank of Nigeria (CBN) has formally addressed recent public concerns and misinformation regarding charges associated with the newly introduced Non-Resident Bank Verification Number (NRBVN) platform. In a statement released on Friday, July 4, 2025, the Bank clarifies that no hidden fees are being imposed and emphasized that Bank Verification Number (BVN) registration for Nigerians residing within the country remains entirely free of charge.
This clarification follows social media reports allegation. This alleged that the introduction of a new fee or excessive charges tied to BVN enrolment. The CBN, however,has dismissed such claims as inaccurate and misleading. And it is urging the public to rely solely on official communication channels of the Bank and the Nigeria Inter-Bank Settlement System (NIBSS) for verified information.
CBN: $50 Fee Only for Diaspora NRBVN Processing
Speaking from Abuja, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, explained that the $50 fee making the rounds applies exclusively to the NRBVN platform. Adding that it is a service designed for Nigerians living in the diaspora. According to her, the fee is not for obtaining a BVN itself but rather covers the cost of remote biometric capture, secure data processing, and identity verification.
“Nigerians in the diaspora previously paid as much as $200 to enrol for a BVN at physical locations abroad. The new $50 charge under the NRBVN platform is a reduced, cost-recovery processing fee,” Mrs. Sidi Ali stated. “It is a nominal amount intended to cover the infrastructure and operational expenses involved in providing secure, remote enrolment services for citizens living overseas.”
Launched NRBVN Initiative
The NRBVN initiative, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians abroad to obtain their BVN without the need to travel to a bank or Nigerian embassy. By leveraging digital identity management technologies, the platform provides a safe, secure, and convenient option for remote verification, facilitating access to Nigeria’s banking system from anywhere in the world.
Mrs. Sidi Ali emphasized that the NRBVN system is part of the CBN’s broader digital transformation strategy aimed at expanding financial inclusion and modernizing identity verification frameworks. “The goal is to ensure that every Nigerian, regardless of location, can access banking services in a secure and efficient manner. The NRBVN solution aligns with global best practices and supports the CBN’s mandate to build a more inclusive financial ecosystem,” she said.
She further noted that the NRBVN platform is voluntary and meant to support diaspora Nigerians who wish to retain or open Nigerian bank accounts, invest at home, or participate in financial transactions. The system enhances convenience, eliminates travel-related costs, and ensures secure access to financial services, thus encouraging greater diaspora engagement in Nigeria’s economy.
In conclusion, the CBN urged Nigerians, especially those in the diaspora, to verify any BVN-related information through its official platforms or that of NIBSS, and disregard unverified reports circulating on social media. Mrs. Sidi Ali reaffirmed the Bank’s commitment to transparency and innovation in delivering financial services to all Nigerians, both at home and abroad.
