The Central Bank of Nigeria (CBN) has reassured the public that enrolling for the Bank Verification Number (BVN) remains completely free for all Nigerians residing within the country.

This clarification comes amid rising concerns over claims of new charges linked to the BVN registration process.

In a statement released in Abuja, the Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, addressed the growing speculation following the launch of the Non-Resident Bank Verification Number (NRBVN) platform—a newly introduced service targeted specifically at Nigerians living abroad.

Ali stated that the reported fee pertains solely to the NRBVN platform and not to the traditional BVN registration process available locally.

According to her, the NRBVN, which enables Nigerians in the Diaspora to obtain a BVN without returning to Nigeria, comes with a nominal processing fee of about $50.

“The associated fee of $50 is strictly a processing charge for remote verification and not a payment for the BVN itself,” Ali emphasized.

She explained that this cost covers critical components such as biometric data capture, secure identity verification, and the technological infrastructure required for the platform’s operation.

Previously, Nigerians abroad had to pay as much as $200 to complete BVN enrolment, a burden the CBN says the new system significantly reduces. “This is not a charge for the BVN. It is a recoverable processing cost,” Ali reiterated, stressing that the service is secure, voluntary, and designed to enhance access to banking for Nigerians abroad.

The CBN spokesperson also dismissed recent reports circulating on social media suggesting the introduction of new or excessive BVN charges. Describing such claims as misleading, she advised Nigerians to rely only on official communications from the CBN or the Nigeria Inter-Bank Settlement System (NIBSS).

Beyond addressing misinformation, Ali highlighted the NRBVN as a strategic component of the CBN’s broader digital transformation agenda. She said the initiative aligns with global best practices in digital identity management and enhances financial inclusion by removing barriers faced by Nigerians overseas.

“The launch of this platform means Nigerians in the Diaspora can now access full banking services without having to physically travel to Nigeria,” she said. “It saves time, reduces cost, and maintains the integrity and security of financial transactions.”

She urged the public, especially those living outside the country, to verify all information about the NRBVN directly through official CBN and NIBSS channels.

The BVN, launched in 2014, remains a key component of Nigeria’s banking identity infrastructure, helping to combat fraud, enhance financial accountability, and simplify access to services. With the addition of the NRBVN platform, the CBN is now extending this framework globally, offering Nigerians abroad a secure and efficient pathway to stay connected with the national banking system.