Central Bank of Nigeria (CBN) has mandated all registered Bureau de Changes (BDCs) in the country to include Bank Verification Number in all Forex transaction effective from August 1, 2015.
According to a circular to the BDCs on Thursday, signed Kevin Amugo, Director, Financial Policy & Regulation Department, CBN said “This is to ensure that the correct BVN is recorded by the BDC and included in the returns to the CBN. A token transaction fee of N100 would be paid for each access on the portal. NIBSS will also provide the necessary training manual for an ‘easy to use’ operation of the system.
“Furthermore, all licensed BDCs are required to provide the BVN of all their directors before August 15, 2015, as failure to meet this requirement may affect their continued participation in the foreign exchange market.
“BDC operators should please note that any BDC that fails to provide the required information in its returns, or provides a wrong BVN, would be penalised. First offenders will be required to pay a fine of N1,000,000, while any subsequent violation of the requirement may lead to the revocation of the operating license of the BDC.”