The Central Bank of Nigeria (CBN) has provided a clarification regarding the Bank Verification Number (BVN), stating that it does not have an expiration date.
The statement was made by CBN’s spokesperson, Dr. Isa AbdulMumin, in response to recent media reports that suggested the BVN would expire after 10 years.
Dr. AbdulMumin’s clarification was issued last night and aims to dispel any confusion or misunderstandings that may have arisen as a result of the media reports. He emphasized that the BVN is a unique identifier that is linked to an individual’s biometric data, and it is intended to be a permanent feature of their banking profile.
“The CBN has been drawn to reports that the BVN issued by the bank in collaboration with the Nigeria inter-bank settlement system, NIBSS, expires after ten years,” he said.
In conclusion, the CBN has made it clear that the BVN is a crucial component of the Nigerian banking system and will remain valid and active indefinitely.