The Central Bank of Nigeria (CBN) has allayed the fears of Nigerians over the rumour making the rounds about the expiration of Bank Verification Number (BVN).
The apex bank, in a press statement issued on Wednesday by its Acting-Director, Corporate Communications, Dr Isa Abdulmumin explained
that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria
Inter-Bank Settlement System (NIBSS) does not expire after a ten-year period.
The monetary regulatory body clarified that the BVN issued in Nigeria has no expiry date.
It stated that once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
The statement further stressed that 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.
It therefore urged 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
lifetime.