2015-10-21 | FPR/DIR/CIR/GEN/05/013

Circular to All Banks and Licensed Bureaux De Change (BDCs) on the use of Bank Verification Number

In a circular dated October 21, 2015, the Central Bank of Nigeria announced that all foreign exchange transactions in the country must be accompanied by a Bank Verification Number (BVN) starting November 1, 2015. This measure, aimed at stabilizing the foreign exchange market and curbing illicit money transfers, applies to all banks, licensed bureaux de change, and customers seeking to purchase foreign currency in Nigeria.

Nigeria

Central Bank of Nigeria

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