• Monday, March 04, 2024
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CBN debunkes 10 years BVN life span

The CBN governor wields enormous power without accountability

The Central Bank of Nigeria (CBN) debunked rumours that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires in ten years, revealing that it has no expiry date.

The apex bank’s explanation came amid speculations that the BVN has a ten years lifespan.

Disregarding the claims, Isa AbdulMumin, the CBN acting Director Corporate Communications Department said “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.”

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He explained that the Regulatory Framework for BVN issued by CBN in 2021 requires that customers can update their records in regard to the regulatory guidelines.

According to him, Nigerians captured on BVN should not panic but continue using their unique identifiers.

CBN alongside the NIBSS launched the BVN project on February 14, 2014, to capture the identity of all banks’ customers.

According to Godwin Emefiele, Governor of the Central Bank in a recent engagement, the number of Nigerians with BVN rose to 57 million in April.