CBN Restate Stance On BVN For Forex Transactions

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The CBN said that the Bank Verification Number, BVN, requirement for foreign exchange transaction, posed no security risk to the bank account of those purchasing foreign exchange.
 
Spokesman of the bank, Alhaji Ibrahim Ma’azu, said in a statement in Abuja, that the excuses by critics of the policy were unfounded and that the requirement would therefore stay.
 
The apex bank recently mandated all banks and licensed Bureau De Change (BDC) operating in the country to provide Bank Verification Number as part of the requirement for sale of foreign exchange to their customers.

 

Posted on November, 6 2015

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