The Central Bank of Nigeria has denied claims of hidden charges on its new Bank Verification Number, BVN, platform for Nigerians living abroad.
In a statement on Sunday, the CBN’s acting spokesperson, Hakama Sidi-Ali, said the $50 fee only applies to remote enrolment by non-resident Nigerians and covers biometric verification, data handling, and infrastructure costs.
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She described the charge as a significant reduction from the earlier \$200 fee for similar services abroad and clarified that BVN registration remains free for residents in Nigeria.
The platform, launched on 13 May in partnership with the Nigeria Inter-Bank Settlement System, aims to improve global financial access.
The CBN dismissed social media reports of hidden fees as false and misleading.
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