The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) has no expiry date.
CBN’s clarification was contained in a statement issued by the Ag. Director, Corporate Communications, Dr. Isa AbdulMumin on Wednesday, May 10, 2023.
Dr. Isa said, the clarification was necessary to douse the tension generated by some reports suggesting that the BVN issued by the Bank expires after a ten-year period.
The Ag. Director said, “contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date”.
He noted that once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
However, he said, 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
“Be guided accordingly”, Isa said in the statement.