Nigeria’s Central Bank (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), on the 13th of May, launched a platform to make it easier for Nigerians living abroad to get their Bank Verification Number (BVN) remotely. You won’t have to come all the way back to Nigeria for verification.
Spoiler: it’s not exactly free. For Nigerians abroad to get a Non-Resident Bank Verification Number (NRBVN), they are required to pay ₦80,000 ($50).
“So… why this?” The launch of the NRBVN platform is part of a bigger push to drive remittance inflows—money sent from workers abroad back to their home country—and strengthen Nigeria’s foreign exchange reserves as remittances are a significant source of foreign exchange for the country.
With $1.92 billion in direct remittances recorded in 2024 (a slight decline from the $1.98 billion in the previous year), the CBN is eyeing a much bolder goal: $1 billion every month. By making it easier for Nigerians abroad to send money home, this goal might very well be in sight.
Nigerians in the diaspora heard the news, and their reactions are a tale of two camps. Some diasporans see the $50 fee as a practical solution compared to the alternative of flying home just to stand in line to get a BVN. Others view it as nothing more than a thinly veiled revenue tactic that the government is using to pad its pockets. After all, BVNs cost exactly ₦0 back home; why does it suddenly come with a price tag when the border is crossed?
This initiative highlights CBN’s effort in integrating the Nigerian diaspora into the country’s economic activities. One wonders: how much should convenience cost?
