The Central Bank of Nigeria (CBN) has announced
that prospective buyers of foreign currencies must show their Bank Verification
Numbers (BVN) to banks and Bureau De Change operators before they would be
allowed to do the transactions. This directive takes effect from
November 1, 2015. In a circular
posted on the regulator’s website, the policy would allow the CBN to curb the
rampant cases of forex leakages and illicit money transfers out of the country. The Apex Bank stated that the BVN will
be validated by the CBN authorized forex dealer through the Nigerian Inter-Bank
Settlement System (NIBSS) platform. The CBN added that any authorized forex
dealer that failed to provide the required information in its returns or
provides a wrong BVN would be penalized, and this may include the termination
of the forex dealership authorization. However,
latest data from the CBN and NIBSS shows that about
32 million customers are yet to obtain the BVN number According to the statistics, out of the 20 million registered bank
customers, only about 14 million accounts have been linked to the BVN as of
September 2015.
Has laoreet percipitur ad. Vide interesset in mei, no his legimus verterem. Et nostrum imperdiet appellantur usu, mnesarchum referrentur id vim.
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