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The Central Bank of Nigeria (CBN) has debunked claims of hidden charges associated with transactions on the recently introduced Non-Resident Bank Verification Number (NRBVN) platform, clarifying that the process is transparent and fairly priced.
In a statement issued by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the apex bank, the CBN emphasized that BVN enrolment for Nigerians residing within the country remains entirely free. She explained that the $50 fee referenced in some media reports applies only to the NRBVN initiative—a voluntary service specifically designed for Nigerians in the Diaspora.
“This is not a fee for obtaining a BVN,” Sidi Ali clarified. “It is a recoverable processing charge for remote biometric enrolment, identity verification, and data management, which ensures secure authentication and supports the required technology infrastructure.”
According to her, Nigerians abroad previously paid up to $200 for this service. The introduction of the $50 nominal charge represents a significant reduction and is strictly tied to processing costs, not the issuance of the BVN itself.
She further described as “inaccurate and misleading” the reports circulating on social media suggesting that new or excessive fees had been imposed on Nigerians.
“The NRBVN is a secure, convenient, and voluntary digital identity solution that supports Nigerians in the diaspora. It is part of the CBN’s broader digital transformation strategy aimed at expanding access to financial services across the globe,” she stated.
The NRBVN platform was developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) and is a key step in enabling remote BVN enrolment for Nigerians abroad. It facilitates safe and seamless access to financial services, reducing the need for international travel while aligning with global standards in digital identity management.
Mrs. Sidi Ali urged the public to rely on verified sources for information, emphasizing that any updates regarding the NRBVN would be communicated through official CBN and NIBSS channels.
“We encourage Nigerians, especially those in the diaspora, to take advantage of this innovative platform and disregard unverified information circulating online,” she added.
The NRBVN initiative is expected to play a critical role in enhancing financial inclusion and deepening trust in Nigeria’s digital financial ecosystem.
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