The Central Bank of Nigeria (CBN) has reiterated that the provision of Bank Verification Numbers (BVN) to Bureau De Change operators for forex transactions, is targeted at promoting transparency within the market and does not attract any security risk.
In a statement released by the regulator, it explained that this became necessary owing to the fact that some customers are reluctant in disclosing their BVN to authorised dealers and buyers because of claims that there are risks to the disclosure.
The CBN assured customers that this move is expected to reduce the incidence of multiple purchases, round tripping and illicit transfer of funds and sanitize the retail segment of the market.
The apex bank added that the BVN is neither a payment instrument nor an account number, and therefore cannot be used to access any account by unauthorized users.
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