CBN Introduces N80,000 Charges For Nigerians Abroad to Get BVN

• Nigerians living abroad will now pay N80,000, about $50 processing fee, to obtain their Non-Resident Bank Verification Number (NRBVN)
• The Central Bank of Nigeria launched the NRBVN in collaboration with the Nigerian Inter-Bank Settlement System
• The CBN disclosed that Nigerians abroad can register for their NRBVN by visiting  nrbvn.com or https//nrbvn.com to create an account

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Diaspora Nigerians will now pay about $50, N80,000, to obtain their Non-Resident Bank Verification Number (NRBVN).

The Central Bank of Nigeria (CBN) launched the NRBVN platform recently in partnership with the Nigeria Inter-Bank Settlement System (NIBSS).

CBN gives the reason for the NRBVN launch

The move was designed to simplify the process for Nigerians abroad to access BVN registration without visiting the country.

Despite the BVN being free in Nigeria, applicants from the Diaspora will pay a processing fee. The development has drawn varied reactions from diasporan Nigerians.

According to reports, the apex bank sees the new platform as part of its larger aim to increase financial inclusion and integrate diaspora Nigerians into the local economy.

Via the platform, Nigerians living abroad can now access Non-Resident Ordinary Accounts (NROA) and the Non-Resident Nigerian Investment Accounts (NRNIA), allowing them to save, invest, and engage with Nigeria’s financial sector seamlessly.

How to obtain NRBVN

The report says that these services include access to mortgages, insurance, pensions, and capital market opportunities, with flexibility to repatriate investment returns.

Applicants must use the portal nrbvn.com or https//nrbvn.com to create an account with an email and password, using Google Authenticator to generate a QR code.

CBN said applicants should proceed to choose their user type after email verification and provide the necessary documentation, including a Nigerian passport, proof of residency abroad, and a utility bill.

CBN sets $1 billion target for diaspora remittances

Applicants can also add other optional documents such as work permits, proof of employment, or tax records.

After confirmation of all documents, applicants must pay the $50 fee via a payment gateway platform, submit their personal details, complete a liveness test, and verify their phone number before submission.

The financial sector regulator set a goal of boosting diaspora remittances to $1 billion through the new platform and aims to strengthen Nigeria's FX reserves.

New data shows a 2.14% rise in BVN enrolment

Legit.ng earlier reported that new data released by the Nigeria Inter-Bank Settlement System, the number of BVNs issued in Nigeria has climbed to 64.8 million in January 2025.

This represented a 2.14% increase from the 63.5 million recorded at the end of 2024. The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry.

The Central Bank of Nigeria, in collaboration with all banks, launched the BVN on February 14 2014. BVN offers a unique identity that cuts across the Nigerian Banking industry for easy identification and verification at various points of banking operations.

Source: Legit.ng