CBN Orders BDCs to Demand for BVN For Forex Transactions

The Central Bank of Nigeria (CBN) has directed all bureaux de change operators (BDCs) in the country to demand for customers’  bank verification number (BVN) for all forex transactions from November 1, 2015. The central bank gave this directive in a circular posted on its website on Wednesday. It stated that “All banks and licenced BDCs operating in Nigeria as well as the general public are therefore put on notice that with effect from November 1, 2015, all customers desiring to purchase forex through all available channels in Nigeria must provide their BVN, which shall be validated by the CBN authorised forex dealer through the Nigerian Interbank Settlement System platform before the transactions are consummated. “For the avoidance of doubt, the CBN shall from November 1, 2015, discontinue sale of forex to the BDCs that had not availed it the BVN of all its directors. Any authorised forex dealer that fails to provide the required information in its returns or provides a wrong BVN would be penalised and this may include the termination of the forex dealership authorisation.” The deadline for BVN registration is October 31.   Source: ThisDay Newspaper

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This article was first published on 22nd October 2015

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