By Hosea Parah, Abuja

The Central Bank of Nigeria (CBN) has addressed recent 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. The CBN has clarified that the BVN issued in Nigeria has no expiry date and remains valid for a customer’s lifetime.

In a statement released by the CBN’s Ag. Director of Corporate Communications, Dr. Isa AbdulMumin, it was emphasized that once a customer’s biometrics have been captured and enrolled in the NIBSS database, the BVN remains unchanged. The clarification aims to dispel any misunderstandings and concerns regarding the validity of BVNs.

However, the CBN’s Regulatory Framework for BVN, issued in 2021, states that customers can only change their BVN records under specific circumstances outlined in the document and after receiving clearance from the relevant authorities. This provision ensures the integrity and security of the BVN system.

The CBN urges bank customers, particularly those whose biometric information has been captured, to continue using their unique BVN identifiers confidently. The BVN serves as a vital tool for enhanced financial security, fraud prevention, and seamless banking transactions.

Customers are advised to be guided by this clarification and disregard any information suggesting the expiry or need for renewal of their BVN. The CBN assures the public that the BVN system remains robust and will continue to play a crucial role in the Nigerian banking sector.