The Central Bank of Nigeria (CBN) has said that the Bank Verification Number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System does not have an expiry date.
The apex bank revealed this in a document signed by its Acting Director, Corporate Communication, Isa AbdulMumin, on Wednesday night.
This comes following a trending video alerting Nigerians on the need to revalidate their BVN after 10 years of issuance.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the Bank Verification Number (BVN) issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period”, the statement read.
“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.
“However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.”
“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system to continue using their unique identifiers as they last their entire lifetime.”