The Central Bank of Nigeria (CBN) has reacted to claims that the duration of Bank Verification Number (BVN) is for ten years.
The apex bank, on Thursday in a statement signed by the Acting Director, Corporate Communications, Isa AbdulMumin said such reports are false and misleading.
This refutal is coming after several reports suggested that the BVN has a limited timeframe of validation before expiration.
The CBN said “The attention of the CBN has been drawn to reports suggesting that the BVN issued by the bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after ten years.
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.”
The apex bank further disclosed that once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“The CBN urges bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identities as they last their entire lifetime.”
However, the CBN said that changes on the BVN by customers can be made under the 2021 regulatory framework issued by the Bank.
“Customers can only change their records due to certain conditions spelled out in the document of the 2021 regulatory BVN framework after being cleared by relevant authorities” the bank noted.
The CBN, in collaboration with the banker’s committee, proactively embarked upon the deployment of a centralized Bank Verification System (BVS) and launched the BVN in February 2014.