Any forex transactions must have BVN – CBN (Read more)

The Central Bank of Nigeria, CBN, yesterday directed that all foreign exchange transactions by bureaux de change, BDCs, must have Biometric Verification Number, BVN, of the customer, and must be included in periodic returns. This was as it mandated all directors of BDCs to submit their BVN latest August 15, 2015.

In a circular issued to BDCs and signed by Director, Financial Policy & Regulation Department, Mr. Kevin Amugo, the CBN stated: “This is to inform all licensed BDCs operating in Nigeria that, with effect from August 1, 2015, all transactions consummated by a BDC must have the Bank Verification Number (BVN) of the customers.
The circular reads, “This information must be included in the Returns to the CBN. In the case of corporate customers, the BVN of a director or an authorised signatory of the entity must be provided.

“To ensure a hitch-free implementation of this directive, the list of all licensed BDCs would be provided by the Central Bank Nigeria to the Nigerian Interbank Settlement System, NIBBS, to enable the company provide necessary hardware token that would be used by the BDC in access the NIBBS website.

“NIBBS has been directed to make a portal available on its website to facilitate access for the confirmation/validation of the BVN of the BDCs’ customers. This is to ensure that the correct BVN is recorded by the BDC and included in the returns to the CBN.

“A token transaction fee of N100 would be paid for each access on the portal. NIBBS will also provide the necessary training manual for an ‘easy to use’ operation of the system.

“Furthermore, all licensed BDCs are required to provide the BVN of all their directors before August 15, 2015, as failure to meet this requirement may affect their continued participation in the foreign exchange market.”