CBN Directs the Use of BVN for all Foreign Exchange Transactions Effective 1st Nov

Forex
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Thursday 22 October 2015, 01.50PM/CBN

In continuation of efforts to stabilize the foreign exchange market, stem and rampant cases of foreign exchange leakages and illicit the money and transfers out of the country , the use of Bank Verification Number (BVN)for all Foreign Exchange transactions SHALL come into effect from 1st November,2015.

All Banks are licensed BDC’s operating in Nigeria as well as general public are, therefore put on notice that with effect from Nov 1, 2015, ALL customers desiring to purchase foreign exchange through all available channels in Nigeria MUST provide their BVN’s, which shall be validated by the CBN Authorised Foreign Exchange Dealer through the Nigerian Interbank Settlement System (NIBBS) platform before the transactions are consummated.

For the avoidance of doubt, the CBN shall also from Nov 1,2015 discontinue sale of Foreign Exchange to the BDC’s that had not availed it, the BVN’s of all of its Directors.

Any authorised foreign exchange dealer that fails to provide the required information in its Returns or provides wrong BVN would be panellised and this may include determination of the foreign exchange dealership authorisation.

Please be properly guided.

 

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