CBN Explains $50 BVN Fee for Nigerians Abroad, Says No Hidden Charges

The Central Bank of Nigeria (CBN) has clarified that there are no hidden charges associated with the recently launched Non-Resident Bank Verification Number (NRBVN) platform for Nigerians in the diaspora.

In a statement issued on Sunday, the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, explained that the $50 fee being reported is not a charge for obtaining a BVN but a recoverable processing cost strictly tied to the NRBVN enrollment process.

The NRBVN platform, launched on May 13 in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), is designed to simplify access to financial services for Nigerians living abroad.

Sidi-Ali emphasized that BVN enrollment remains free for Nigerians residing in the country, adding that the $50 charge for diaspora enrollment is a significant reduction from the previous $200 cost.

“The nominal charge of approximately $50 is not a fee for obtaining a BVN,” she said, “but a recoverable processing cost for remote biometric and due diligence verification. It covers secure identity authentication, data handling, and the technology infrastructure needed to support overseas enrollment.”

She further described the NRBVN as a voluntary, secure, and convenient platform for Nigerians abroad to obtain a BVN remotely, eliminating the need for travel and saving time.

Addressing claims circulating on social media, Sidi-Ali dismissed reports alleging the introduction of excessive or hidden fees as “inaccurate and misleading,” urging the public to rely on official CBN and NIBSS channels for accurate information.

“The NRBVN is not just a one-time initiative,” she added. “It forms a key part of the Bank’s broader digital transformation agenda aimed at expanding access to financial services for Nigerians globally.”

She noted that the new system provides a faster, more efficient alternative to traditional enrollment processes and aligns with international best practices in digital identity management.

The CBN reiterated its commitment to making banking more inclusive and accessible for all Nigerians, both at home and abroad.