By Esther Ososanya
The Central Bank of Nigeria (CBN) has clarified that Bank Verification Number (BVN) registration remains free for all Nigerians residing in the country, amid widespread concerns over alleged new charges.
Reacting to viral reports suggesting a hike in BVN-related fees, the bank on Friday confirmed that the $50 charge applies only to Nigerians living abroad, as part of the new Non-Resident BVN (NRBVN) platform.
Why Diaspora Nigerians Are Paying
According to the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, the fee is not for the BVN itself but a recoverable processing cost for remote biometric verification, identity authentication, and data handling.
“Nigerians in the Diaspora previously paid $200,” she said. “This $50 is strictly for processing remote enrolment. Local enrolment remains completely free.”
She emphasised that the NRBVN is voluntary and intended to ease banking access for Nigerians abroad.
ALSO READ: Reforms Working, Nigeria Eyes 4.5% Growth
Ignore Misinformation, CBN Warns
The bank described social media reports of new charges as misleading, urging Nigerians to verify all information through official CBN and NIBSS channels.
Mrs Sidi Ali added that the NRBVN is part of the CBN’s broader push for global financial inclusion, not a profit-making scheme.
ALSO READ: Cash Dominates as ₦4.6tn Held Outside Banks – CBN
Digital Convenience for the Diaspora
Launched in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), the NRBVN allows Nigerians abroad to obtain their BVN without travelling home.
The platform offers a secure, cost-effective, and globally aligned solution that saves time while enhancing access to digital financial services.
“This system eliminates barriers for Nigerians overseas. It’s about inclusion, not exploitation,” Sidi Ali said.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.