CBN Clarifies $50 NRBVN Fee for Nigerians Abroad, Reaffirms Financial Inclusion Commitment

The Central Bank of Nigeria (CBN) has dispelled concerns over alleged hidden charges associated with the newly introduced Non-Resident Bank Verification Number (NRBVN), clarifying that enrolment for Nigerians living within the country remains entirely free.

Addressing the issue in Abuja, CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, explained that the reported fee applies exclusively to the NRBVN initiative, which is designed to enable Nigerians in the diaspora to obtain their BVNs remotely.

According to her, the $50 fee is not a charge for the BVN itself, but a recoverable processing cost covering biometric verification, identity authentication, data management, and the secure technology infrastructure needed for overseas enrolment.

“This is a significant reduction from the previous cost of $200,” she noted. “The NRBVN is a voluntary, secure, and convenient solution that allows Nigerians abroad to access banking services without returning to the country.”

She described the viral reports alleging new or excessive charges as inaccurate and misleading, urging the public to rely solely on official communication channels from the CBN and the Nigeria Inter-Bank Settlement System (NIBSS).

The NRBVN platform, launched in partnership with NIBSS, is part of the apex bank’s broader digital transformation strategy aimed at extending financial services to Nigerians globally. By eliminating physical barriers and reducing onboarding costs, the system offers a streamlined, secure alternative aligned with global best practices in digital identity.

Mrs. Sidi Ali reaffirmed the CBN’s commitment to financial inclusion, stating that the NRBVN is a key step toward enabling seamless access to banking services for millions of Nigerians abroad.