The Central Bank of Nigeria (CBN) has refuted reports claiming that the Bank Verification Number (BVN) issued by deposit money banks in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.
Contrary to the false claims, the CBN in a statement signed by the Acting Director, Corporate Communications, Dr. Isa AbdulMumin, stated that the BVN issued in Nigeria has no expiry date.
According to the statement, once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
The statement read in part, “However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.
“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire