The Central bank of Nigeria has said that Bank Verification Number (BVN) has no expiry date and asked Nigerians to disregard news stating otherwise.
The apex bank stated this in press statement on Wednesday signed by Isa AbdulMumin, Acting Director, Corporate Communications.
He said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“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, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime. Be guided accordingly.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.