The Central Bank of Nigeria (CBN) has reacted to a report suggesting that the bank verification number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System (NIBSS) expires after 10 years of issuance.
The CBN, in a statement signed by its Ag. Director, Corporate Communication, Isa AbdulMumin dismissed the report, stating that the BVN does not have an expiring date.
The BVN is an 11-digit number that is unique to each individual, but the same across all bank institutions for the same individual.
To own and operate a banking account in Nigeria, you must first have a bank verification number.
“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,” the statement signed by Isa Abdulmumin, CBN spokesperson, reads.
The apex bank further urged bank customers, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.
