By Atoyebi Nike
The Central Bank of Nigeria (CBN) has dismissed reports suggesting the introduction of hidden charges under its Non-Resident Bank Verification Number (NRBVN) initiative, stressing that enrollment remains free for Nigerians living locally, while those abroad are required to pay only a modest $50 processing fee.
In a statement on Monday, Hakama Sidi Ali, acting director of corporate communications, explained that the fee is meant solely to cover the biometric data processing, remote verification, and IT infrastructure costs associated with secure online registration.
“Nigerians in the Diaspora previously paid up to $200,” she noted. “The new charge is a significant reduction and not a fee for the BVN itself.”
The NRBVN platform, developed in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), enables Nigerians abroad to enroll remotely without needing to visit embassies or return to the country.
The CBN said the system aligns with its drive for financial inclusion and digital transformation and supports Governor Olayemi Cardoso’s $1 billion monthly diaspora remittance target.
The apex bank urged Nigerians to rely on official communication channels for updates and clarified that within Nigeria, BVN enrollment remains entirely free of charge.
