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CBN Reiterates Position on BVN for Forex Transactions

CBN Reiterates Position on BVN for Forex Transactions
CBN Reiterates Position on BVN for Forex Transactions

CBN Reiterates Position on BVN for Forex Transactions

By Editor

The Central Bank of Nigeria (CBN) said the Bank Verification Number (BVN) requirement for foreign exchange transactions carries no security risk to account holders.

  CBN spokesman Alhaji Ibrahim Mu’azu, in a statement from Abuja, dismissed critics’ claims and insisted the policy would remain.   He explained that CBN directed all banks and licensed Bureaux de Change (BDCs) to demand BVNs from customers buying forex. Some customers, he noted, resisted because of fears over possible risks.   Mu’azu clarified that the BVN helps curb multiple purchases, round-tripping, and illegal transfers. It also enforces forex limits, sanitizes the retail market, and ensures fairer allocation based on genuine demand.   He stressed that the BVN is not a payment instrument or account number and cannot grant unauthorized access to accounts. Instead, banks, BDCs, and regulators use it to confirm customer identity with biometric data like fingerprints and photos.   “For clarity, providing a BVN during forex purchases or any banking transaction does not expose customers to risk,” Mu’azu said. “It protects them from identity theft.”   Also Read: Trump Lands in Scotland for Five-Day Visit 

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