The Central Bank of Nigeria (CBN) has debunked a viral rumour that the Bank Verification Number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System has an expiry date.
The apex bank stated this in a document signed by its Acting Director, Corporate Communication, Isa AbdulMumin, on Wednesday May 10, 2023.
The bank said this while debunking reports that BVN issued in Nigeria expires after 10 years.
“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,” it stated.
It added that 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.
The bank implores all bank users across the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers, adding that “they last their entire lifetime.”
