The Central Bank of Nigeria (CBN) Wednesday debunked the claim that Bank Verification Number (BVN) issued in Nigeria expires after a ten-year period. the apex bank maintained that BVN has no expiry date.
In a statement signed by its Ag. Director, Corporate Communications, Isa AbdulMumin CBN said its attention has been drawn to reports suggesting that BVN issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period.
CBN said, “Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.
“Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.
“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime. “Be guided accordingly,” CBN said.
