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The
Central Bank of Nigeria (CBN) on Tuesday clarified that though the deadline for
enrollment of the customer Bank Verification Number (BVN) elapsed on October
31, the exercise would nevertheless continue.
CBN
Director, Corporate Communications, Alhaji Ibrahim Mu’azu, said though the time
frame given for the enrollment had lapsed, customers who are yet to be
registered could still do so in order to remove the restrictions on their
accounts.
He
therefore advised the customers to insist on being registered by their banks,
stressing: “The deadline of October 31, 2015 does not in any way suggest an end
to the registration.”
The
clarification from the apex bank followed complaints by some bank customers
that their banks had turned them back from continuing the enrollment for the
BVN due to the expiration of the deadline.
He said it would be improper for banks to turn back their customers from enrolling in the exercise.
He said it would be improper for banks to turn back their customers from enrolling in the exercise.
Mu’azu
also observed that many customers focused on BVN enrolment alone, forgetting
that there were two stages to the BVN process, adding that the first stage was
to enroll for the BVN, after which customers are expected to link their BVN to
all their bank accounts.
He
said an individual could enroll for a BVN without necessarily having an
existing bank account, stressing that such individuals could then submit the
acquired BVN at the point of opening bank account(s) in any bank of their
choice.
He
also said the process of linking BVN to bank accounts was now a one-stop shop
to enable customers register and link their BVN from one location, irrespective
of the banks in which they have accounts. All these, he said were aimed at
making the process as seamless as possible.
The
CBN had approved an extension of the exercise for Nigerian bank customers in
the Diaspora. The bank also issued a statement clarifying the use of BVN for
FOREX transactions.
He
explained that the BVN was neither a payment instrument nor an account number
and therefore could not be used to access any account by unauthorized users.
He
said the BDCs were only required to collect the BVN of customers for the
purpose of validating the identity of customers as well as making periodic
returns to the CBN.
While
noting that travellers from Nigeria had been submitting their BVN to buy
foreign currencies from authorised dealers at the international airports,
without complaints, the CBN spokesman questioned why submitting BVN to BDCs had
become an issue.
[ThisDay]
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